The second set of budget proposals, published at 5pm on Friday 29 January 2016, look to make savings of £12million.
Peterborough City Council has seen its government grant cut by nearly 50 per cent in the six years up to 2016/17 – that’s £54million.
The government set out plans to deliver a further £20billion of spending reductions in the Spending Review on 25 November 2015. The Local Government Finance Settlement followed this in December and confirmed that the council’s grant would be reduced by £9.7million for 2016/17. As well as the grant reduction, there are also additional financial pressures on services of £14.4million.
As a result we need to find £24.1million to balance our books, while continuing to invest in the city to ensure Peterborough is a great place to live, work, visit and stay.
The first set of budget proposals, published on Tuesday 17 November 2015, made savings totalling £12.1million. These were approved by Council on Thursday 17 December 2015. A second set of proposals, which need to close the remaining £12million gap in the budget, were published on Friday 29 January 2016.
This set of proposals contains a proposed four per cent increase in council tax.