News from Peterborough City Council

Peterborough City Council's under spent by £2.4 million last year through efficiency savings and additional government funding.

 

The under spend was possible following over £1 million additional government funding from the Local Authority Business Growth Incentives Scheme (LABGI).  The Local Authority Business Growth Incentives scheme (LABGI) delivers financial rewards directly to councils that promote economic growth in their areas, by allowing them to retain a share of increases in revenue derived from business rates. The money is not ring-fenced and is additional to the funding provided through the Local Government Finance settlement for core services.

 

The remainder of the under spend is as a result of the savings programme and actions

 

undertaken by the city council's corporate management team to control expenditure.

 

Councillor John Peach, Leader of Peterborough City Council and cabinet member for finance and human resources said: "Peterborough's LABGI allocation was the largest in the East of England this year.  

 

"That is a true testament to the hard work, we and partners such as Opportunity Peterborough, the Greater Peterborough Partnership and the Peterborough Chamber of Commerce have put in, to drive our business economy forward, attract new businesses to the city and encourage existing ones to grow to help Peterborough achieve its aims of becoming a successful, sustainable and growing economy.

 

"The rest of the under spend was made possible through the council's business transformation process which is looking at every area of our business to ensure tax payers money is spent in the most efficient and effective way possible.

 

"The extra funds in reserves should allow the council to continue improve front-line services despite the current difficult economic climate that the whole country is facing."