Issue - meetings

Report of the Head of Finance and Customer Services

Presented by the Corporate Portfolio Holder

The Deputy Section 151 Officer presented the report to members. She explained that the report provided Cabinet with the latest update on the financial plan outlook, which was, based on the latest data available, therefore any planned expenditure over the medium term had not been updated. It was also noted that the proposals for government reforms of the Fair Funding system were unlikely to be made in time for the financial year 2023/24 budget process and could be pushed back to 2025/26, which would result in the Council having additional resources and further time to develop the Council’s strategy.

RESOLVED THAT:

1. The revised Medium Term Financial Outlook, in particular the uncertainty surrounding the Council’s general fund position and the likely delay by a further one year of Local Government funding reforms from the position reported in February 2022, be noted.

2. The planned approach to budget setting the year be approved.

Reason for Decision: To approve the planned approach to budget setting for 2023/24.