From Our Leader
FYI This from Chris Roberts (not sent to me, natch!)
“The quickest headline summary is set out below and reflects the two broad areas of funding as we receive it from Government (which are formula grant – for general services – and specific grants which are required to be spent on a particular matter. Most of these specific grants are allocated to children’s education and social care and on adult social care budgets).
Current Position 2010-11 - (Formula Grant) £167m
Projected Position 2014-15 - £120m
Of the £80m specific grants, we have been told that £18m has been rolled into the formula grant. This means that £18m must be found from within the £120m and means the cut to Greenwich is at least £47m pure Formula Grant cut and £18m of Specific Grants which have effectively simply vanished, resulting in a combined cut of £65m .
We have yet to hear the fate of the other £62m of specific grants.”