Issue - meetings

To consider a joint report of the Leader of the Council and Cabinet Member for Devolution and Deputy Leader of the Council and Cabinet Member for Resources, Commissioning & Governance.

The Leader of the Council and Cabinet Member for Devolution (Councillor Elise Wilson) submitted a report (copies of which had been circulated) providing an update the Council’s 2022/23 to 2024/25 Medium Term Financial Plan forecasts and assumptions taking account of local and national changes.

RESOLVED - That the Medium Term Financial Plan forecasts for the Council’s finances for the period 2022/23 to 2024/25 be noted.

The purpose of the report is to update the Council’s 2022/23 to 2024/25 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. 

The Cabinet is recommended to:

·         Note the details of the 2022/23 Provisional Local Government Finance Settlement and the expected announcement of the Final Local Government Finance Settlement;

·         Note, and comment upon as appropriate, the financial forecasts and assumptions for 2022/23 to 2024/25;

·         Note and approve the indicative budget adjustments since the MTFP Update presented to the Cabinet meeting on 21 September 2021 resulting in savings requirement of £7.435m in 2022/23;

·         Approve the allocation of £7.065m of the corporate contingency budgets to Cash Limit budgets as part of the budget setting process as set out in paragraphs 3.4 to 3.6;

·         Note the Section 151 Officer recommendation to hold the Council’s General Fund Balance at its current level £15.183m in 2022/23 aligned to his risk assessment of the budget and the adequacy of reserves and balances to support the Council’s 2022/23 Budget; and  

·         Take the necessary steps to propose a final balanced 2022/23 Budget including any proposed Council Tax increase to be recommended for approval at the Council meeting on 24 February 2022.

The Deputy Leader of the Council & Cabinet Member for Resources, Commissioning & Governance (Councillor Tom McGee) submitted a report (copies of which had been circulated) providing an update on the Council’s 2022/23 to 2024/25 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 following the provisional Local Government Finance Settlement announced.

RESOLVED – That having considered an update on the forecasts for the Council’s finances for the period 2022/23 to 2024/25 following the provisional Local Government Finance Settlement, the Cabinet has agreed to:

·         Note the details of the 2022/23 Provisional Local Government Finance Settlement and the expected announcement of the Final Local Government Finance Settlement;

·         Note, and comment upon as appropriate, the financial forecasts and assumptions for 2022/23 to 2024/25;

·         Note and approve the indicative budget adjustments since the MTFP Update presented to the Cabinet meeting on 21 September 2021 resulting in savings requirement of £7.435m in 2022/23;

·         Approve the allocation of £7.065m of the corporate contingency budgets to Cash Limit budgets as part of the budget setting process as set out in paragraphs 3.4 to 3.6;

·         Note the Section 151 Officer recommendation to hold the Council’s General Fund Balance at its current level £15.183m in 2022/23 aligned to his risk assessment of the budget and the adequacy of reserves and balances to support the Council’s 2022/23 Budget; and 

·         Take the necessary steps to propose a final balanced 2022/23 Budget including any proposed Council Tax increase to be recommended for approval at the Council meeting on 24 February 2022.