DECISIONS MADE AT THE SPECIAL COUNCIL MEETING ON 26TH FEBRUARY 20091.TREASURY AND ANNUAL INVESTMENT STRATEGY 2009

The Council:

(a)agreed

the Treasury Strategy as set out in Appendix A of the officers’report;

(b)

approved

the revised cash investment criteria outlined in Appendix B,with immediate effect (as from Monday 2 March 2009);

(c)agreed

that in the context of continuing turbulence in the financialmarkets, the Director of Finance be given delegated authority to varyany of the recommended limits and criteria outlined in appendix B of theofficers’ report – any such variations to be justified and reported in full,to the next Cabinet/Council meeting;

(d)

approved

the basis for the calculation of the minimum revenueprovision (as outlined in Appendix A of the officers’ report), as from 1April 2008; and

(e)

agreed

the Prudential Indicators, which demonstrate that the Council’scapital investment plans are affordable, prudent and sustainable.

2.BUDGET AND COUNCIL TAX 2009/10

The Council adopted the Cabinet’s budget proposals for 2009/10 and

resolved

to:2.1

agree

that the Waltham Forest element, including, the levying bodies, isincreased by 1.9% from £1,130.73 to £1,152.21 per Band D property in2009/10;2.2

note

that the element

of Council Tax charged by the Greater LondonAuthority will be £309.82 per Band D property in 2009/10;2.3

agree

that the overall Council Tax to be set for 2009/10 will be £1,462.03per Band D property in 2009/10;2.4

note

that for planning purposes the Waltham Forest element of the CouncilTax including the levying bodies, is increased by no more than 2.5% for 2010/11 to 2013/14;.

2.5

agree

the projected Budget for 2009/10 of £390.683 million;2.6

agree

that the projected working balances should be increased by £1.2 millionto £6 million, as a further step towards increasing balances to 2.5% of netexpenditure;2.7

agree

the schedule of fees and charges as set out at Appendix 11 of theofficers’ report so far as they relate to fees and charges that are reserved for Council decision by regulation 2(6)(d) or (e) of the Local Authorities (Functionsand Responsibilities) (England) Regulations 2000, subject to a reduction in theproposed increase in the skip permit charge set out on Page 100 of theofficers’ report from 10% to 3%, the financial effect of which to be containedwithin the overall budget for the Environment and Regeneration Directorate;2.8

approve

the capital programme 2009/10 as set out in Appendix 7 of theofficers’ report, subject to a reduction of £350,000 in respect of expenditure in2009/10 on Item 11 of the programme (regeneration projects) resulting in areduction in the total budgeted expenditure in the Capital Programme in2009/10 of £91, 563;2.9

note

the statements of the Director of Finance made in respect of Section 25 of the Local Government Act 2003 regarding the adequacy of reserves androbustness of the estimates;2.10

note

that Executive Directors will be required to report monthly on their projected outturn in 2009/10 against their Budgets and to report monthly on theprogress in implementing the growth initiatives and efficiency measures asreported in Appendices 3 and 4 of the officers’ report.

Council further adopted the Cabinet’s recommendations in respect of the Council Taxfor 2009/10 to:-2.11

note

that Cabinet at its meeting on 25th November 2008 determined theamount of 75,803 as the Council Tax Base for Waltham Forest for 2009/10, inaccordance with Regulation 3 of the Local Authorities (Calculation of CouncilTax Base) Regulations 1992 made under Section 33(5) of the LocalGovernment Finance Act 1992, (as amended);2.12

agree

that the following amounts be calculated by the Council for 2009/10 inaccordance with Sections 32 to 36 of the Local Government Finance Act1992:-2.12

agree

that the following amounts be calculated by the Council for 2009/10 inaccordance with Sections 32 to 36 of the Local Government Finance Act1992:-2.12.1

Gross Expenditure

£981.450 million - being the aggregate of the amounts which the Councilestimates for the items set out in Section 32(2) (a) to (e) of the Act;2.12.2

Gross Income

£590.767 million - being the aggregate of the amounts which the Councilestimates for the items set out in Section 32(3) (a) to (c) of the Act;2.12.3

Net Expenditure

£390.683 million - being the amount by which the aggregate at 2.12.1above exceeds the aggregate at 2.12.2 above, calculated by the Councilin accordance with Section 32(4) of the Act as its budget requirement for the year;2.12.4

Formula Grant, Area Based Grant and Dedicated Schools Grant

£303.342 million - being the aggregate of the sums which the Councilestimates will be payable for the year into its General Fund in respect of redistributed non-domestic rates and Revenue Support Grant (£120.775million), the Area Based Grant (£14.327 million) and the DedicatedSchools Grant (DSG) (£169.881 million) reduced by the deficit on theCollection Fund (£1.642 million - the amount of the sums which theCouncil estimates will be transferred in the year to its Collection Fundfrom its General Fund in accordance with Section 97(3) of the LocalGovernment Finance Act 1988, as amended);2.12.5

LBWF Council Tax

£1,152.21 - being the amount at 2.12.3 above less 2.12.4 above, alldivided by 75,803, the amount at 2.11 above, calculated by the Councilin accordance with Section 33(1) of the 1992 Act as the basic amount of its Council Tax for the year;2.12.6

Valuation bands