Agenda item

Finance Strategy Update Report

The October Cabinet report set out how a balanced budget for 2023/24 would be delivered and this was shared with DLUHC on the 24 October 2022. As set out in October report, having undertaken this work the challenge is now translating this work into a detailed implementation workstream and strength testing the deliverability of the assumptions that had been made with a robust evidence base. Of particularly importance will be those around service savings and efficiencies to avoid double-counting savings especially with those be delivered by the transformation programme.

This November report presents an update on this workstream and highlights that the consequences of the initial work around implementation is that further “below the line” budget proposals have been established which are those that would be the most challenging to deliver.

[PLEASE NOTE: Should the Cabinet wish to discuss the detail of Appendix XX the meeting will be required to move into Confidential (Exempt) Session]

Decision:

It is RECOMMENDED that Cabinet:

(a) Supports the update of the plan to deliver a balanced budget for 2023/24 and the testing of the implementation process;

(b) Recognises the continued improvement to the in-year position with a surplus of £8.5m now projected; and

(c) Acknowledges that further proposals have been identified to replace any proposals that cannot now be delivered, or which have been deferred into a future year.

It is RECOMMENDED that Council:

(d) Approves the disposal of Non-Strategic Asset Sales as set out in confidential appendix A, subject to achieving the estimated sales value for each lot, with the decision delegated to the Director of Finance, in consultation with the Leader or Deputy Leader of the Council as appropriate; and

(e) Approves a pooled budget arrangement in relation to section 117 Aftercare as set out in appendix B.

Voting: Unanimous

Portfolio Holder: Leader of the Council

Reason

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 a balanced budget for 2023/24 has been delivered.

Minutes:

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 reminded that the October Cabinet report had set out how a balanced budget for 2023/24 would be delivered and this was shared with DLUHC on the 24 October 2022.

In relation to this Cabinet was advised that as set out in the October report that having undertaken this work the challenge is now translating this work into a detailed implementation workstream and strength testing the deliverability of the assumptions that had been made with a robust evidence base, and that of particular importance will be those around service savings and efficiencies to avoid double-counting savings especially with those being delivered by the transformation programme.

Cabinet was informed that this November report presented an update on this workstream and highlights that the consequences of the initial work around implementation is that further “below the line” budget proposals have been established which are those that would be the most challenging to deliver.

The Chairman of the Corporate and Community Overview and Scrutiny Committee addressed the Cabinet advising that at their recent meeting there had been comprehensive discussion on the report and the committee recommended that: -

Recommendation 4 as outlined in the report is not approved and that Cabinet gives further consideration to the list of non-strategic Asset Sales as set out in exempt Appendix A and that Cabinet give further consideration to all other options.

In relation to this the Chairman of the Corporate and Community Overview and Scrutiny Committee advised that the committee requested that:

The Portfolio Holder and relevant officers bring a report to the next O&S Committee on:

The wider list of assets considered for disposal and the reasons for those selected for shortlist
The timetable for the controlled disposal of public assets, which maximises value and controls risk.

Voting: 6:0 (3 abstentions)

The Leader thanked the Chairman of the Corporate and Community Overview and Scrutiny Committee for the Committees recommendations, and in relation to that urged the cabinet to go with the recommendation 4 as put emphasising the potential time scale implications for delaying this.

In addition the Leader advised of the forthcoming budget cafes.

Cabinet was advised that there would be no budget update report going to the January Cabinet meeting as a balanced budget position had been achieved and that focus needed to be given to presenting the annual budget to the February meeting.