Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
RESOLVED that Cabinet: -
(a) Acknowledges the progress made towards achieving a balanced budget for 2023/24 and the improved financial position for 2022/23 which is now expected to produce a surplus of £4.2m, excluding transformation costs; and
(b) Agree that Cabinet be presented with a full report on the impact of the cost of living to its meeting on the 26 October 2022;
(c) In advance of (b) Cabinet supports the proposed approach to reassessing the fees and charges levied by the Council.
It is RECOMMENDED that Council: -
(d) Pending the presentation of new viable business cases, remove from the Capital Programme the debt commitments to the Winter Gardens and Cotlands developments; and
(e) Release of earmarked reserves as set out in Appendix C.
Portfolio Holder: Leader of the Council
Cabinet in considering a Finance Update (including quarter one 2022/23 budget monitoring) report, at their meeting on the 7 September 2022, agreed to place an update on the financial strategy as a standing item on the Cabinet agenda until such time as there is a balanced budget for 2023/24.
In addition, as part of the same report, Cabinet agreed to bring forward to the 28 September Cabinet proposals to prudently position the council to deliver a balanced budget for 2023/24 from traditional local government financial management processes and revenue sources.
This report presents the first update on progress towards delivering a balanced budget for 2023/24.
Report author: Adam Richens
Publication date: 30/09/2022
Date of decision: 28/09/2022
Decided at meeting: 28/09/2022 - Cabinet
Effective from: 08/10/2022