Decision details

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.

Voting: Unanimous

Portfolio Holder: Leader of the Council

Reason

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.