Plans for a Social Impact Bond (SIB) were among the measures supporting vulnerable members of the community and boosting the county’s economy announced by the Leader of Essex County Council, County Councillor Peter Martin, in his budget speech at Full Council today (Tuesday).

The package of measures agreed by Full Council today will mean that Essex County Council will continue delivering value for money services and maintain the freeze on council tax for a second successive year.

Under a SIB, external investment will be gained to commission intensive family and community based work with children at risk of being taken into care or the courts system to help them remain with their families. This will help improve their quality of life and employment opportunities in the future.

Cllr Martin said: “This work will strengthen families’ own capacity to cope and avoid young people having to enter care or custody….The council will only pay for success, keeping families together, preventing care and improving young people’s life chances…”

Other measures outlined by Cllr Martin today included:

• a £20m Rolling Investment Fund over the next five years to help unlock economic growth. Private businesses as well as borough and district councils across Essex will also be able invest in this fund to help support projects in their areas.
  
• making  £100,000 available to credit unions across the county to help grow the credit union movement and support the most financially vulnerable members of the community
  
• £5m to support the roll out of superfast broadband across Essex. This funding is being match funded by the government
  
• enhancing the experience of residents and other people contacting the Council by improving its customer service centre.
  

Under the budget agreed today the Council is set to make £123 million savings in 2012/13. In total the Council is projected to have saved nearly £330 million by March 2013 through its Transformation Programme and other savings.

Commenting on the Council’s budget for 2012/13, Cllr Martin said: “It is a budget that has prioritised spending on our economic infrastructure and on safeguarding our most vulnerable. It is a budget that has sought to protect our frontline services as much as possible. 

“It is a budget that protects the council tax payer with our share of the council tax frozen for the second year running. This is also a budget that looks forward to the future challenges so that we can manage our resources in a sustainable and responsible manner.”