Projected savings of £3.4m will be needed in order to achieve a council tax freeze for the 2012-13 financial year.
A report to the Changing for the Future Board confirms that the city council has experienced a grant reduction of £1.41m or 0.45% compared to 2011-12 in the Local Government Finance Settlement.
The settlement is better than had been anticipated in the council’s financial modelling.
Together with ongoing efficiencies delivered by the Changing for the Future programme during the last year, the savings figure of £3.4m is less than the £9.9m that had been projected.
The council’s senior management team will now work up proposals to make savings that can be brought before councillors.
The budget and council tax for the next financial year will be set in February.
To view the report, click here.