Decision Maker: Corporate and Community Overview and Scrutiny Committee, Cabinet
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
Presents the latest medium-term financial plan (MTFP) of the council to reflect government announcements since the February 2021 budget report and updated assumptions.
Proposes a financial strategy to support the delivery of a balanced budget for 2022/23
Proposes a budget planning process and timeline for key financial reports.
RECOMMENDED that Council approve the second homes premium and revisions to empty homes premium subject to their confirmation via the Levelling Up and Regeneration Bill.
RESOLVED that Cabinet: -
(a) endorsed the updated MTFP position as set out in paragraph 15;
(b) approved the financial strategy as referenced in paragraph 21;
(c) acknowledged the cost of living and other operating pressures likely to impact in 2022/23 and future years;
(d) acknowledged the potential mitigation strategy in respect of cost of living and 2022/23 financial pressures; and
(e) approved the timeline for key financial reports during 2022/23 as set out in appendix A.
Portfolio Holder: Leader of the Council
To comply with accounting codes of practice and best practice which require councils to have a rolling multi-year medium term financial plan.
To provide Cabinet with the latest high-level overview of the medium-term financial plan.
To present a proposed financial strategy to support the delivery of a balanced budget for 2022/23.
Report author: Adam Richens
Publication date: 24/06/2022
Date of decision: 22/06/2022
Decided at meeting: 22/06/2022 - Cabinet
Effective from: 02/07/2022