Agenda item

The Council's 2022/23 Budget and Medium Term Financial Plan 2022/23 to 2024/25 Draft

This report is due to be pre-scrutinised at the meeting of the Overview and Scrutiny Board scheduled to take place on Tuesday 15^th February 2022. Any recommendations on this subject arising from this meeting will be reported for Cabinet’s consideration in a supplementary pack.

Minutes:

The Executive Director of Resources presented the draft Council’s 2022/2023 Budget and Medium Term Financial Plan (MTFP) for 2022/2023 to 2024/2025.

Cabinet was advised that this was an important budget report which also included the MTFP for a period of 3 years. The draft report had previously been presented to the Finance & Budget Working Group and was also presented at the Overview and Scrutiny Board meeting on 15^th February 2022, whereby a good debate was had. It was noted that following on from the debate that no recommendations had been put forward by the Overview and Scrutiny Board. Good feedback was received from Members of the Board with regard to the new report format.

The Executive Director of Resources highlighted that the new report format added transparency and cut through complexity. It was a robust and balanced MTFP. Members’ attention was drawn to the following paragraphs in the report: -

Paragraph 2.5 Financial Context

Paragraph 2.9 Unprecedented Levels of Uncertainty

Paragraph 4.8 Table 2, The Updated MTFP and Annual Revenue Budgets

Paragraph 4.12 Table 3, The Updated (versus Previous) MTFP and

General Fund

Paragraph 4.15 Table 4, which showed that the General Fund balance was

now forecast total £2.259 million at the end of 2023/2024

(compared to £1,735 million in the previous MTFP) and

(without further action) reduce to £1,046 million at the end

of 24/25 which was below the minimum set levels.

Paragraph 4.17/ Table 4, Reconciliation of Previous and Updated MTFP –

4.18 Adjustments made to the Annual Budget Forecasts 22/23

and 23/24.

Paragraph 4.22 Pressures

Paragraph 4.23 Resource Planning and Prioritisation (RPP).

Paragraph 4.24 Funding Impact (£0.956m in 22/23)

Paragraph 4.25 Council Tax Increase

Paragraph 4.26 Reallocation of Earmarked Reserves to General Fund

The Executive Director of Resources advised the Cabinet that the report was the draft report and that the final version of the Council’s 2022/2023 Budget and Medium Term Financial Plan (MTFP) for 2022/2023 to 2024/2025, would be presented to Council on 23^rd February 2022.

The Leader took the opportunity to express her sincere thanks to officers.

The Deputy Leader echoed this and was pleased to see that the end results had been warmly received by the Overview and Scrutiny Board; this was a credit to the Executive Director of resources and his team.

The Head of Legal, Property and Democratic Services reiterated that the report before the Cabinet was a draft report and that the final report would be presented to the Cabinet and Council on 23^rd February 2022, therefore the report was for noting.

During consideration of this item, the Chairman of the Overview and Scrutiny Board, Councillor C. Hotham, briefly stated that the report had been pre-scrutinised at the meeting of the Board on 15^th February 2022. Board Members had been satisfied with the budget and had appreciated the new format of the report, it was very well received. Councillor Hotham expressed his thanks to the Executive Director of Resources and his team.

RESOLVED that as detailed in the preamble above, that the draft Council’s 2022/2023 Budget and Medium Term Financial Plan (MTFP) for 2022/2023 to 2024/2025, be noted.

Supporting documents: