Issue - meetings

Report of Chief Finance Officer

Lead Cabinet member: Councillor Zoe Nicholson

(Non-key decision):

(1) To note the updated MTFS forecasts and the requirement to identify additional savings of £2.2million 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 £1.8 million of savings are required to balance the 2023/24 budget.

(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 updated General Fund budget and updated interim Medium Term Financial Strategy, together with the updated Capital Programme position.

The report detailed that the total savings required at this stage for 2023/24 to balance the budget currently amounted to £1.79 million, although it was recognised the figure could change, dependent on central government providing additional resources to the sector in 2023/24, and whether the council faced additional financial pressures, due to demand, loss of income or due to the impact of inflation.

Policy and Performance Advisory Committee (PPAC), held on 3 November 2022 considered the report and were supportive of the officer recommendations in full. Councillor Linington, Vice-Chair of Policy and Performance Advisory Committee, was in attendance to present PPAC’s discussion.

Resolved (Non-key decision):

(1) To note the updated MTFS forecasts and the requirement to identify additional savings of £2.2million 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 £1.8 million of savings are required to balance the 2023/24 budget.

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

Reason for decisions:

The provide Cabinet with and 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.