The Council met to approve the budget and Council Tax for the 2009/10 financial year, which included a 1.9% increase in the local element of Council Tax. The Council also agreed its Treasury and Annual Investment Strategy for 2009.

Budget and Council Tax 2009/10

The Council approved the Cabinet's budget proposals for 2009/10, resulting in an overall Council Tax of £1,462.03 per Band D property. This represents a 1.9% increase in the Waltham Forest element of the Council Tax, bringing it to £1,152.21 per Band D property. The Greater London Authority's precept will add a further £309.82. The projected total budget for 2009/10 is £390.683 million.

During the debate, an amendment proposed by Councillor M. Davis and Councillor M. Lewis, which sought to decrease the Waltham Forest element of Council Tax by 0.92%, was lost. The original motion, moved by Councillor C. Loakes and seconded by Councillor J. Macklin, was carried.

Key decisions made include:

• An increase of 1.9% in the Waltham Forest element of Council Tax, from £1,130.73 to £1,152.21 per Band D property.
• The overall Council Tax set for 2009/10 at £1,462.03 per Band D property.
• Agreement of the projected budget for 2009/10 at £390.683 million.
• An increase in projected working balances by £1.2 million to £6 million.
• Approval of the schedule of fees and charges, with a reduction in the proposed increase for skip permits from 10% to 3%.
• Approval of the capital programme for 2009/10, subject to a £350,000 reduction in expenditure on regeneration projects.
• Noting of statements regarding the adequacy of reserves and the robustness of estimates.
• Requirement for Executive Directors to report monthly on projected outturn against budgets and progress on growth initiatives and efficiency measures.

The Council also noted the Council Tax Base for Waltham Forest for 2009/10 as 75,803. The detailed breakdown of Council Tax for different valuation bands was agreed, with the total for Band D being £1,462.03. The Council authorised the Director of Finance and Head of Revenues and Benefits to finalise publicity for the new Council Tax rates and instalment options.

Treasury and Annual Investment Strategy 2009

The Council unanimously agreed to adopt the Treasury Strategy and approved revised cash investment criteria. The Director of Finance was given delegated authority to vary recommended limits and criteria in light of financial market turbulence, with any variations to be reported to the next Cabinet/Council meeting. The Council also approved the basis for calculating the minimum revenue provision and agreed the Prudential Indicators, which confirm the affordability, prudence, and sustainability of the Council's capital investment plans.

Announcements

The Council observed a minute's silence in memory of former Councillor Simon Tucker, who represented Forest Ward between 1998 and 2002.

The Mayor reported on her upcoming Charity Dinner on 27 March 2009, with proceeds supporting Branches Night Shelter and Day Centre and MS Action.

Councillor L. Braham apologised for comments made at a previous meeting regarding the proposed closure of Walton House, stating his intention was not to cause offence.

Councillor C. Robbins, Portfolio Holder for Children and Young People, announced that under the new School Admission Appeals Code, locally elected politicians will be permitted to attend school admission appeal hearings from the 2010/11 academic year.

Appointments

Councillor G. Sinclair was appointed to the Licensing Act 2003 and Gambling Committee, replacing Councillor P. Herrington. Councillor G. Sinclair also replaced Councillor M. Davis on the Community Safety Board and Councillor J. Hemsted at the Waltham Forest Citizens Advice Bureau. Councillor R. Sweden was appointed to the Joint Health Overview and Scrutiny Committee – Trauma and Stroke Services, with Councillor R. Carey as Deputy Member.