Ahead of the Council meeting to be held on 7 February 2023 this report updates Cabinet on the emerging budget and the Medium Term Financial Strategy.
Portfolio Holder – Councillor Peter Butlin
Councillor Peter Butlin (Deputy Leader of the Council) introduced the published report which provided an update on the current financial position since the publication of the last report in December:
In response to questions from Councillor Roodhouse, Councillor Butlin advised that the County Council was required to set its budget before those of the lower tier councils which required a level of prediction in terms of what the lower tiers would do. He understood that whilst the other districts and boroughs had considered the issue of Council Tax Support Schemes, they had not deemed them affordable. Councillor Butlin advised that £44.1m reserves had been identified as available for use in this budget cycle, in addition to the £23.1m of investment funds that were as yet unallocated. The Section 151 Officer required the general risk reserve of £26m to be maintained for the budget to be considered balanced and sustainable.
1. Notes the latest resource and spending information, the advice and the impact on the emerging budget proposals presented in the report;
2. Notes the Strategic Director for Resources’ risk assessment on the level of general reserves, as detailed in Appendix B of the report;
3. Publishes, in light of the information provided, their 2023/24 budget resolutions for recommendation to ... view the full minutes text for item 2