Budget submission – interim response

Report: 11
Date: 28 September 2006
By: Treasurer

Summary

The Authority is required to present an interim budget response to the Mayor by 29 September. This report provides the interim budget information previously considered by the joint meeting of the Finance and Planning Performance and Review Committee at its meeting on 21 September 2006.

A. Recommendation

That members confirm the interim budget response to the Mayor, subject to any amendments made by the Joint meeting of Finance, and Planning, Performance and Review Committee.

B. Supporting information

1. The Mayor’s budget guidance notes require that the Authority submit an initial budget response by 29 September 2006, in order to provide a basis for formal consultation on the Mayor’s prospective budget proposals. The interim budget information was considered by a joint meeting of the Finance, and Planning, Performance and Review Committees on 21 September 2006.

2. In order that all members are kept appraised of progress, this report has attached at Appendix 1 and 2 the overview of the financial, and business planning reports.

3. At present the latest budget projections based around an envelope which increases the 2006/07 budget by 3% to £2,524.5M in 2007/08, show that the excess of expenditure over income is now £91.3M (previously £116.1M).

4. The MPS have been engaged in a detailed programme to identify efficiencies and savings to bridge this gap. The informal MPA budget scrutiny group will be commencing a programme of scrutiny meetings, starting on 22 September to review MPS Business Group budgets, and in particular savings and growth proposals and business plans.

5. Following submission of the interim response, the Mayor will be issuing preliminary draft budget proposals for consultation with the Authority in early November.

6. The deadline for submission of the full Budget Submission to the Mayor is 27 November 2006.

C. Race and equality impact

The full budget submission will include sustainable development priorities including equalities.

D. Financial implications

The budget and medium term plan set the resource parameters for the MPA and MPS over the plan period.

E. Background papers

• Mayor’s Budget Guidance Notes for 2007-08

F. Contact details

Report author: Ken Hunt, MPA

For more information contact:

MPA general: 020 7202 0202
Media enquiries: 020 7202 0217/18

Appendix 1

Report presented to the joint meeting of the Finance and Planning Performance & Review Committees on 21 September 2006

• Corporate business planning update

Appendix 2

Report presented to the joint meeting of the Finance and Planning Performance & Review Committees on 21 September 2006

• Revenue budget 2007/08 to 2009/10 – financial envelope

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