Issue - decisions

Medium Term Financial Plan (MTFP) Update

27/10/2022 - Finance Strategy Update Report

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.

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 there is a balanced budget for 2023/24.