The Council Meeting has noted the Medium Term Financial Plan forecasts for the Council’s finances for the period 2022/23 to 2024/25.
The Cabinet considered an update on the forecasts for the Council’s finances for the period 2021/22 to 2022/23 following the provisional Local Government Finance Settlement announced on 17 December 2020, and 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.