Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
To include second quarter (July to September)
in-year budget monitoring, progress on setting a balanced budget
for 2023/24 and details of annual fundamental review of earmarked
and unearmarked reserves.
RESOLVED that Cabinet: -
1. Recognised the continued improvement to the 2022/23 in-year position with a £9m net surplus now projected;
2. Agreed the capital virement for the Housing Revenue Account as set out in paragraph 121;
3. Acknowledged the update of the Medium-Term Financial Plan including estimates of the implications of the governments Autumn Statement;
4. Acknowledged that, based on the current financial planning assumptions and the approach to risk, that not all of the previously identified savings’ proposals may now need to be implemented in 2023/24;
5. Requested Cabinet to identify up to £6.2m of currently identified 2023/24 savings that can now potentially be deferred to 2024/25;
6. Noted the improvement in timescales and delivery of the Pay and Reward workstream by moving forward the implementation from the previously assumed date of April 2024 to January 2024; and
7. Increased the annual investment in unearmarked reserves from £700k to £1.9m in 2023/24.
It is RECOMMENDED that Council: -
Agree the acceptance of general fund revenue grant for adult social care as set out in paragraph 64.
Portfolio Holder: Leader of the Council
To comply with accounting codes of practice and best practice which requires councils to regularly monitor the annual budget position.
To comply with the council’s financial regulations regarding budget virements.
In addition, and further to a recommendation agreed by Cabinet on the 7 September 2022, an update on the Councils financial strategy is being presented as a standing item on the Cabinet agenda until such time as a balanced budget for 2023/24 has been delivered.
With the material improvement and increased confidence in the Council’s financial position the focus will now be on delivering a further member engagement session via the additional Budget Café session added in January.
Report author: Nicola Webb
Publication date: 15/12/2022
Date of decision: 14/12/2022
Decided at meeting: 14/12/2022 - Cabinet