2015-16 provisional financial settlementPublished Monday, 22nd December 2014
In common with councils across the country Melton Borough Council has been informed of its provisional funding settlement for the next financial year
This settlement will be the final one for the current government term in office. The Formula Grant is the main grant the Council receives from central government and is made up of 2 elements, being Revenue Support Grant and Business Rates Retention.
For 2015/16 the announcement shows a reduction of 28.2% in the Revenue Support Grant which for Melton equates to £401k. Since 2011/12 the Council has seen a reduction in central government funding of 57% which equates to £2.2m
Further cuts are likely to be made to local government funding in 2016/17 as part of any new governments approach in balancing the country’s financial deficit.
For more information please contact: Dawn Garton on 01664 502502
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