Issue - meetings

Report of Chief Finance Officer

Lead Cabinet member: Councillor Stephen Holt

(Key decision):

(1) To note the updated MTFS forecasts and the requirement to identify additional savings of £2.6 million for the period 2023/24 to 2026/27, but also note that this forecast could change significantly based upon outcome of future government funding settlements, the ongoing impact of the pandemic, demand for services and inflationary pressures upon the council;

(2) To note that at this stage a forecast £1.9 million of savings are required to balance the 2023/24 budget; and

(3) To note the planned review of earmarked reserves and reallocate in line with the emerging risks where possible.

The Cabinet considered the report of the Chief Finance Officer, asking them to agree the update General Fund budget and updated Medium Term Financial Strategy, together with the updated Capital Programme position.

Visiting member, Councillor Smart, addressed the Cabinet on this item. Following points raised, Councillor Holt agreed to meet with Councillor Smart following the meeting regarding presentation and a breakdown of pay related costs.

Councillor Holt, in his presentation of the report, advised that a more suitable title of the report would be “Interim Medium Term Financial Strategy”, to reflect the council’s current position and work being undertaken in the finance and audit teams.

The report detailed the significant uncertainty in terms of future financial settlements for local government. Cabinet urged cross-party support to continue lobbying central government for a proper settlement. Local authorities would continue to plan should no further funding be made available.

Resolved (Key decision):

(1) To note the updated MTFS forecasts and the requirement to identify additional savings of £2.6 million for the period 2023/24 to 2026/27, but also note that this forecast could change significantly based upon outcome of future government funding settlements, the ongoing impact of the pandemic, demand for services and inflationary pressures upon the council;

(2) To note that at this stage a forecast £1.9 million of savings are required to balance the 2023/24 budget; and

(3) To note the planned review of earmarked reserves and reallocate in line with the emerging risks where possible.

Reason for decisions:

The report provides Cabinet with an update and early sighting of key MTFS and budgetary implications in preparation for the setting of a revenue budget and associated Council tax for the forthcoming financial year by law.