Decision Maker: Corporate and Community Overview and Scrutiny Committee, Cabinet, Council
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
To present the latest medium-term plan (MTFP)
of the council.
RESOLVED that Cabinet: -
(a) Acknowledges the materially improved financial position for 2022/23 which is now expected to produce a surplus of at least £7.8m, excluding transformation costs. This is in the context of an additional c£25m of in year cost of living pressures;
(b) Acknowledges the plan to deliver a balanced budget for 2023/24 and that its deliverability will now be tested as part of the implementation process;
(c) Authorises officers to commence the work to ensure the deliverability of the budget including any necessary consultations as required;
(d) Acknowledge the intent to consider the extent to which a capitalisation direction can be avoided in 2022/23 by bringing forward the disposal of non-strategic assets; and
(e) Agree that the current expenditure controls remain in place to generate additional in-year savings.
RECOMMENDED that Council: -
(f) Approve £1.9m of investment in 2022/23 in a specific transformation workstream in Children’s Services as set out in appendix A; and
(g) Approve the further release of earmarked reserves as set out in appendix C.
Portfolio Holder: Leader of the Council
Further to a recommendation agreed by Cabinet on the 7 September 2022, an update on the Councils financial strategy will be a standing item on the Cabinet agenda until such time as there is a balanced budget for 2023/24.
Report author: Adam Richens
Publication date: 27/10/2022
Date of decision: 26/10/2022
Decided at meeting: 26/10/2022 - Cabinet
Effective from: 04/11/2022