Agenda item

The Cabinet considered a report of the Interim Corporate Director of Resources which provided an update on the current forecast position for the 2022/23 budget and the Medium Term Financial Plan (MTFP(12), 2022/23 to 2025/26, factoring in working assumptions in terms of Council Tax increases. Final budget setting and Council Tax increase proposals will be considered by Full Council on 23 February 2022 (for copy of report see file of minutes).

Councillor R Bell thanked the Interim Corporate Director and Officers for the updated Medium Term Financial Plan which would be further updated in December. Councillor Bell explained the importance that those on low incomes were protected and informed the Cabinet that a report to further extend the LTCSG would be considered by the County Council later in the month. Once the Government had published the comprehensive spending review the Council would be able to firm up some assumptions made in the report once they had been studied in detail. The ongoing impacts from COVID 19 meant that the budget must continue to be managed for the medium term and the report presented provided the Cabinet with a platform to do that. In closing, Councillor Bell hoped that the uncertainty that existed currently would hopefully be resolved by the end of the year.

The Leader of the Council thanked officers for their diligent and hard work, the prudent financial budget assumptions and the robust arrangements that were currently in place. Councillor Hopgood added that much had changed in terms of financial forecasts, however, it was important to note that the net position was broadly in line with what the Cabinet considered at its meeting in July.

Resolved:

That the recommendations in the report be approved.