Lead Member – Councillor Gwilym Butler – Portfolio Holder for Finance and Corporate Resources

Report of James Walton – Executive Director of Resources

Report to follow

RESOLVED:

·       That Cabinet considered the MTFS and, subject to any amendment, recommended the 2023/24 budget of £645.741m outlined in the Budget Book at Appendix 3, to full Council for discussion and approval.

·       That Cabinet discussed the key changes since the December update of the MTFS and the advice relating to those changes, in particular

o   The public consultation and early results from that

o   The Alternative Budget process and its outcomes

o   The Financial Settlement and the outcomes for this Council

o   The Collection Fund outturn and the impact on next year

o   The latest budget forecast for the current year, the deterioration in the outlook, and the resulting likely impact on reserves in this year and next (also included in the MTFS assumptions)

·       That Cabinet noted that the Council papers will include the full budget report including all proposals to achieve the estimated MTFS position, but that some of those proposals will require further specific member approval, and possible consultation.

·       Agreed the adoption of the Capital Strategy 2022/23 – 2027/28 attached as Appendix 2.

·       That Cabinet noted that the budget report for Council will include the council tax resolution and the relevant decisions to be made in setting that.

The Portfolio Holder for Finance and Corporate Resources presented the report which provided an update on the Medium Term Financial Strategy which showed a much improved outlook for the medium term; however it was noted that the next twelve months were crucial and delivery is key. It was noted that the charge for waste collection and green waste could be removed, but this would be confirmed at full Council.

Concerns were raised that services affecting vulnerable people would be cut. It was confirmed that statutory services would not be affected and a request for clarity surrounding transport for excluded young people was received.

Members discussed alternative budget proposals, and it was felt that although there were some good ideas put forward, they had focussed on capital and had not addressed the deficit of £51million.

RESOLVED:

·       That Cabinet considered the MTFS and, subject to any amendment, recommended the 2023/24 budget of £645.741m outlined in the Budget Book at Appendix 3, to full Council for discussion and approval.

·       That Cabinet discussed the key changes since the December update of the MTFS and the advice relating to those changes, in particular

o   The public consultation and early results from that

o   The Alternative Budget process and its outcomes

o   The Financial Settlement and the outcomes for this Council

o   The Collection Fund outturn and the impact on next year

o   The latest budget forecast for the current year, the deterioration in the outlook, and the resulting likely impact on reserves in this year and next (also included in the MTFS assumptions)

·       That Cabinet noted that the Council papers will include the full budget report including all proposals to achieve the estimated MTFS position, but that some of those proposals will require further specific member approval, and possible consultation.

·       Agreed the adoption of the Capital Strategy 2022/23 – 2027/28 attached as Appendix 2.

·       That Cabinet noted that the budget report for Council will include the council tax resolution and the relevant decisions to be made in setting that.