Agenda item

The Committee received a report of the Corporate Director of Resources that gave an update on the outcome of the CIPFA Finance Review, carried out during September and October 2023 (for copy see file of minutes).

Mr I Rudd complimented all staff in having such an iron grip on the finances.  He asked within the various recommendations which would be the most challenging to implement.

P Darby informed the committee there were two elements i) the ten year capital strategy and capital programme as there was a lack of a long-term settlement and ii) that full savings list be reduced and published to balance the MTFP which he felt was not necessary as this could be counterproductive in the absence of a long-term finance settlement.  It was important that the council had an accurate assessment of the challenges it faced and the ability to balance its budget in a range of scenarios. 

P Darby commented in relation to Councillor B Kellett query on culture and sport that the Cabinet had be cognisant of the uncertainty in its financial forecasts in determining its approach to leisure transformation investments.  As Section 151 Officer P Darby had recommended to Cabinet and Council not to extend the scope of its borrowing at this time as the financial position could be worse post the General Election and in the absence of a long term financial settlement. 

Resolved:

i)               That the outcome of the CIPFA Finance Review be noted

ii)         That the Action Plan actions, and progress already made   

               against the identified actions as set out in the report be noted.