Issue - meetings

The Financial Strategy 2023/24 to 2027/28 will be presented to Executive on the 9 February 2023 and Full Council on the 23 February 2023. The purpose of this Decision Session report is to provide background information for the overall Financial Strategy and to present the draft savings proposals, growth assumptions and capital schemes. This will provide an opportunity for the Executive Member for Finance & Major Projects to obtain feedback in advance of the finalisation of the overall Financial Strategy which will be presented to Executive on the 9 February 2023 and then later to Full Council for approval on the 23 February 2023.

Resolved:  That approval be given to Option 1 - to retain the savings, growth and capital proposals as set out in annexes 1, 2, 4 and 5 of the report.

Reason:     To ensure that stakeholders have the opportunity to feed into the budget process in advance of the finalisation of the Financial Strategy 2023/24 to 2027/28.

The Executive Member considered a report outlining the Financial Strategy 2023/24 to 2027/28, which was to be presented to Executive on 9 February 2023 and Full Council on 23 February 2023. The Chief Finance Officer explained the background to the overall financial strategy, explaining that the proposals had been prepared in the context the financial challenge post Covid and during the cost of living crisis. She added that the proposals included the local government finance settlement.

The Chief Finance Officer detailed the proposed basic council tax increase of 2.99 % in 2023/24, equating to additional income of £3m and increase of 2% in line with the government’s social care precept, equating to additional income of £2m, which provided critical financial support for adult social care. She outlined the Council’s £19m revenue investment and £5.5m of budget savings as detailed in the annexes to the report. She explained how consultation on the strategy had been carried out and had now closed.

The Executive Member acknowledged the financial pressures nationally and locally, namely an aging population, and pressures in the NHS and social care. He added that York faced significant pressures from the local government settlement. He noted areas of investment, savings of £8.2m put forward over the next two years and growth of £22.1m for adult social care. He noted that the £500k to support local skills development, particularly green skills, came from the UK Shared Prosperity Fund. He then;

Resolved:  That approval be given to Option 1 - to retain the savings, growth and capital proposals as set out in annexes 1, 2, 4 and 5 of the report.

Reason:     To ensure that stakeholders have the opportunity to feed into the budget process in advance of the finalisation of the Financial Strategy 2023/24 to 2027/28.