Issue - meetings

The Chief Finance Officer to present a report which provides background information for the council’s overall Financial Strategy, outlining some of the key challenges, proposals for budget consultation, and a timeline for future reports and the overall decision-making process.

Note: This item was added late to the Forward Plan under urgency procedures as the council were awaiting further financial information following the Government’s Autumn Statement.  A Regulation 10 notice has been published on the council’s website.

Resolved: 

                      i.         That the financial challenges being faced by the council, and the high-level financial assumptions that feed into the forecast budget gap, be noted.

                     ii.         That the budget consultation process, as outlined in paragraphs 20 to 28 of the report, be noted.

                    iii.        That the decision-making process and timeline outlined in the report be noted.

Reason:     To ensure that the Council has a robust, balanced budget.

The Chief Finance Officer presented a report which provided background information for the council’s overall Financial Strategy, outlining some of the key challenges the Council faced which included an approximate £10 million gap in the Council’s current budget for 2023/24.

The Executive noted the challenges for Council’s across the country and the issues with finding further efficiencies after over a decade of cuts to funding. It was confirmed that consultation on the budget would be held at the January Finance and Major Projects Executive Member Decision Session. The servicing of debt and the capital programme was discussed and it was requested that future budget reports show a further breakdown of funds used in the capital programme.

Resolved: 

                   i.        That the financial challenges being faced by the council, and the high-level financial assumptions that feed into the forecast budget gap, be noted;

                  ii.        That the budget consultation process, as outlined in paragraphs 20 to 28 of the report, be noted;

                 iii.        That the decision-making process and timeline outlined in the report be noted.

Reason:     To ensure that the Council has a robust, balanced budget.