Issue - meetings

This report provides the first response to the recommendations of the Finance Update (including quarter one 2022/23 budget monitoring) report to Cabinet on 7 September 2022.

Most significantly it includes an update on the Financial Strategy and proposals to prudently position the council to deliver a balanced budget for 2023/24. 

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.

The Leader of the Council presented a report, a copy of which had been circulated to each Member and a copy of which appears as Appendix 'A' to these Minutes in the Minute Book.

Cabinet was advised that the report provided the first response to the recommendations of the Finance Update (including quarter one 2022/23 budget monitoring) report to Cabinet on 7 September 2022, and that it most significantly included an update on the Financial Strategy and proposals to prudently position the council to deliver a balanced budget for 2023/24. 

The Chairman of the Corporate and Community Overview and Scrutiny Committee addressed the Cabinet advising that the committee had discussed the report the previous evening at a specially convened meeting. In relation to this the Chairman advised that a number of public questions and statements had been received and that although the committee did not make any formal recommendations to Cabinet that a detailed discussion had taken place among committee members and additional councillor attendees.

A number of members addressed the Cabinet questioning aspects of the report and expressing concern with regards to the increased cost of living and the effect of potential ways of balancing the budget.

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