Issue - meetings

Finance and Resources

To provide an update on the budget setting process for 2022/23 and provide information on proposals to close the budget gap.

Resolved:

1.  That the savings options, income generation proposals and budget pressures, shown in Annexes 2 – 4 to the report, be noted.

2.  That the Medium Term Financial Forecast, shown in Annex 5 to the report, be noted.

Consideration was given to a report of the Finance and Resources Portfolio Holder which provided an update on changes to the 2022/23 budget forecast since the Medium Term Financial Strategy was presented in October.

Changes included; the impact of the provisional Local Government Finance Settlement, New Homes’ Bonus provisional allocations, the impacts of coronavirus, revenue savings and budget pressures.

The report also provided an updated Medium Term Financial Forecast covering 2022/23 to 2024/25.

In order to achieve a balanced budget, work would be undertaken to close the remaining gap of £62,000 before the figures were finalised in February.

Having considered the options and for the reasons set out in the report, Cabinet agreed the following:

Resolved:

1.  That the savings options, income generation proposals and budget pressures, shown in Annexes 2 – 4 to the report, be noted.

2.  That the Medium Term Financial Forecast, shown in Annex 5 to the report, be noted.