Decision details

The Cabinet has considered an update on the Council’s 2023/24 to 2025/26 Medium Term Financial Plan (MTFP) forecasts and assumptions as part of setting a robust and resilient budget and financial plan to meet the unprecedented uncertainty, volatility, and risk within the financial landscape, and has:-

(1) Noted the details of the 2023/24 Provisional Local Government Finance Settlement and the expected announcement of the Final Local Government Finance Settlement;

(2) Noted the financial forecasts and assumptions for 2023/24 to 2025/26;

(3) Noted and approved the indicative budget adjustments since the MTFP Update presented to the Cabinet meeting on 28 September 2022 resulting in savings requirement of £4.277m in 2023/24;

(4) Approved the allocation of £8.643m of the corporate contingency budgets to Cash Limit budgets as part of the budget setting process as set out in paragraphs 3.18 to 3.20;

(5) Noted the Section 151 Officer recommendation to hold the Council’s General Fund Balance at its current level £15.183m in 2023/24 aligned to his risk assessment of the budget and the adequacy of reserves and balances to support the Council’s 2023/24 Budget; and 

(6) Agreed to take the necessary steps to propose a final balanced 2023/24 Budget including any proposed Council Tax increase to be recommended for approval at the Council meeting on 23 February 2023.

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