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

Lead officer -  Ben Jay

RESOLVED:

3.1. To take necessary actions regarding the seven areas underpinning the strategic risk set out in the report (para 2.2)

3.2. To note the and endorse the actions achieved and planned (para 2.4 and 2.5)
3.3. To take necessary action to improve Period 2 forecast (31 st May 2024), by year end in terms of the indicative level of savings delivery of £38.403m (61%), resulting in a projected spend over budget of £38.553m for 2024/25.

3.4 To note the projected General Fund Balance of £0.268m arising if no further action were taken.

3.5. To formally acknowledge that the current information indicates the need for urgent corrective action, and to request that the Council’s senior team undertakes that urgently.

The Portfolio Holder for Finance, Corporate Resources and Communities presented the report, noting the detailed discussion of its content at the Transformation and Improvement Overview and Scrutiny Committee two days earlier.

With serious challenges ahead, all Portfolio Holders were working diligently with senior officers to ensure the council's sustainability and the monthly reports provided maximum time to make necessary adjustments.  Group Leaders requested period 3 and 4 information swiftly so that they were able to keep all members informed about the financial situation.

A Group Leader highlighted sections 7.3, 7.4, and 7.8 of the report, noting that some

some of the overarching savings previously considered as indicatively deliverable, had now been reassessed and that changes made in the short term to manage the Council’s financial position may require reduction, pausing or stopping of services. He asked for assurances that members would be kept updated on any policy changes. 

The Portfolio Holder said that consultation would be undertaken where, for example, short or medium term decisions required policy change and reiterated his commitment to providing updates in period reports to Group Leaders as early as possible, noting that tight timelines often required quick decisions.

RESOLVED:

3.1. To take necessary actions regarding the seven areas underpinning the strategic risk set out in the report (para 2.2)

3.2. To note the and endorse the actions achieved and planned (para 2.4 and 2.5)

3.3 To take necessary action to improve Period 2 forecast (31 st May 2024), by year end in terms of the indicative level of savings delivery of £38.403m (61%), resulting in a projected spend over budget of £38.553m for 2024/25.

3.4 To note the projected General Fund Balance of £0.268m arising if no further action were taken.

3.5. To formally acknowledge that the current information indicates the need for urgent corrective action, and to request that the Council’s senior team undertakes that urgently.