Agenda item

The Assistant Director of Finance, Jyotika Dabasia introduced the report sets out the process which will take place for 2023/24 and future years in order to achieve a balanced budget. This report also seeks Committee approval for a series of budget management decisions for 2023/24 required as part of normal business in line with the organisations Financial Regulations.

Following consideration of the item, the Chair moved to vote on the recommendations in the report.

The vote was recorded as follows:

For: 8

Against: 4

Abstentions: 0

Absent: 0

Total: 12

RESOLVED That the committee:

In respect of business planning for 2023-27:

1.    Notes the higher than usual uncertainty in the following areas:

·         Estimates for ongoing service demand and income due to inflationary pressures and the cost of living crisis.

·         The increased uncertainty around inflationary increases in government grant funding.

·         Level of grant funding as a result of the Spending Review 2022.

2.    Notes the three scenarios (A, B (base case), and C) modelled for the Medium-Term Financial Strategy for 2023/24 and the preliminary assumptions for future years;

3.    Notes the Scenario B (base case) MTFS attached at Appendix A.

4.    Takes forward savings and income generation proposals as detailed in 2.3.9 and Appendix B taking into account any equalities impacts. Note that these savings will be referred to Policy and Resources for consideration and, at a later stage, be subject to public consultation and an updated equality impact assessment.

5.    Reviews the additional funding pressures to services requested in paragraph 2.3.14 and Appendix C;

6.    Notes the service specific pressures as set out in 2.3.14 to 2.3.32.

7.    Approves the Fees and Charges as set out in 2.7 and attached at Appendix G for recommendation to Full Council for consideration responses and equality impact assessment.

8.    Notes the actions being taken by officers and Theme Committees to address the budget gap for 2023/24 and future years as set out in 2.8.

In respect of routine financial matters for 2022/23:

9.    As set out in 3.1.2-3.1.3, delegates to the Chief Finance Officer (S151 Officer) the authority to allocate the non-pay inflation contingency budget for 22/23 to departments. The approval is subject to the final virement being contained within the contingency budget and being no more than 10% above the £7.443m set aside when the budget was set.

10. Approves the revised Capital Programme and financing of it; from paragraph 3.2 (also Appendix F) including reprofiling of budgets to and from future years, accelerations, additions, and deletions.

11. Notes the Quarter 1 2022/23 Corporate Risk Register in Section 4 and Appendices D and E;