Issue - meetings

(1)               That a Revenue Investment and Budget Support Cabinet Panel be established with a membership of seven appointed on the basis of political proportionality (Labour 4; Conservative 2; Liberal Democrat 1);

(2)               That the portfolio holder for Finance and Budget Management be appointed to chair the panel;

(3)               That the group leaders be requested to make nominations for membership of the panel from their respective groups in accordance with (1) above; and

(4)               That the Panel make recommendations to Cabinet in respect of proposed expenditure.

Councillor Stubbs, portfolio holder for Finance and Budget Management, introduced a report seeking to establish a cross-party Cabinet Panel to make recommendations to Cabinet in respect of expenditure from the Revenue Investment Fund and the Budget Support Fund in respect of funding “Invest to Save” schemes.

In setting its budget for 2013/14, the Council had approved the establishment of a Revenue Investment Fund as a resource to fund activities which would support the council's key policy priorities.  It had also approved the use of funds drawn from the council's Budget Support Fund to deliver “invest to save” projects which would incur short term revenue expenditure in order to deliver longer term financial efficiency savings.  It was intended that the fund would be replenished as the first call on cashed savings and sustained to fund an ongoing programme of “invest to save” efficiencies.

There was a need to establish a responsive, efficient and accountable mechanism for considering proposals for funding from the Revenue Investment Fund and Budget Support Fund.  The favoured approach was an inclusive one with the establishment of a cross-party Cabinet panel.

Resolved:

(1)               That a Revenue Investment and Budget Support Cabinet Panel be established with a membership of seven appointed on the basis of political proportionality (Labour 4; Conservative 2; Liberal Democrat 1);

(2)               That the portfolio holder for Finance and Budget Management be appointed to chair the panel;

(3)               That the group leaders be requested to make nominations for membership of the panel from their respective groups in accordance with (1) above; and

(4)               That the Panel make recommendations to Cabinet in respect of proposed expenditure.