As explained in my earlier post, the City Question Time held on the 3rd February was combined with the annual business ratepayers consultation meeting, which is a requirement before the City of London Corporation agrees which levers it has to pull to make the books balance on it’s City Fund account.
Readers will be aware that there are real challenges being faced by local authorities up and down the country from a mix of pressures.
Within the City Corporation, our pressures come in the form of social care and children’s services, major asset maintenance costs, particularly at the Barbican Centre, police funding to cover pay, allowances, national insurance increases and operational pressures (including the capital required for the new Salisbury Square Development and social housing stock which need investment.
The infographic below outlines the how the budget is being divided and the proposed solutions to some of these challenges.
As a member of the Finance Committee, we have been through a period of delivering extensive efficiencies over the past few years, to the point where many services cannot be cut further. Some major financial decisions have had to be taken, such as existing our role as owner of wholesale markets. Where many Councils look to deliver budget reductions before an election, we have been clear that now is not the right time to do that. We understand the pressures businesses are facing too, which makes decisions on raising taxes all the more difficult, but I hope with the transparency below, we are making clear why we need to take this decision now in the long term interests of the City of London.
We will continue to scrutinise expenditure at every level in the Corporation to ensure that business rate payers receive good value for money.