Decision details

Councillor Barry Rawlings Leader of the Council and Cabinet Member for Resources & Effective Council introduced the report.

Following discussion, the Chair moved to vote on the recommendations.

DECISION:

It was RESOLVED that Cabinet:

In respect of Business Planning for 2024-30:

1.    Noted the refreshed Medium-Term Financial Strategy (MTFS) shown in Appendix A. The MTFS sets out likely budget changes over the period 2024-30, including assumptions around inflation, pressures, savings and government funding. It is the model around which the council’s financial strategy is based;

2.    Noted the delivery timetable and the process in section 2.12 - 2.21 which will take place for 2024/25 and future years in order to achieve a balanced budget.

3.    Approved that officers start to develop budget proposals for 2024/25 and, if required, delegates authority to the Section 151 Officer to issue targets to officers to support the achievement of a balanced budget; and

4.    Noted the proposed approach to the Financial Strategy in section 2.11.

5.    Note the approach to delivering the Transformation Strategy outlined in section 3.

6.    Agreed the allocation of £1.6m for individual workstreams, as set out in sections 3.12 to 3.22.

7.    Noted the arrangements for individual spending decisions set out in section 3.6.

In respect of routine financial matters for 2023/24:

8.    Noted the Contingency Budget and allocations from it in section 4.1-4.4;

9.    Noted the revenue budget virements for 2023/24 as detailed in sections 4.5-4.6;

10. Approved the writes-offs for Sundry Debt as detailed in sections 4.7-4.10; and

11.Approved the changes to the existing Capital Programme in relation to additions as set out in section 5 in accordance with the virement rules.

The report set out the options considered, if any, and the reasons for the recommendations and the decision.