Decision details

Corporate Finance Performance Report Year Ending 2021/22 (Cab.1.6.2022/10)

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Decision:

RESOLVED that Cabinet:-

 

1.         Notes the final position for the General Fund being an operational underspend of £4.9M (after adjusting for statutory balances, scheme slippage & known expenditure commitments in 22/23 – as per Appendix 1 of the report);

2.         Notes the final position on the Housing Revenue Account, being an operational underspend of £0.2M;

3.         Notes that whilst the above positions are favourable, the Council is set to face significant financial pressure in the next financial year and beyond as a consequence of several emerging risks including supply chain and inflationary issues, increasing demand for council services eg looked after children, the impact of adult social care reform and other policy related risks;

4.         Approves that the 21/22 underspends [£4.9M & £0.2M respectively] be held in strategic reserves to mitigate against these cost pressures, pending a fundamental refresh of the Medium-Term Financial Strategy / Improvement & Efficiency Agenda; and

5.         Approves the write off of historic bad debts totalling £0.9M as detailed in the report.

Publication date: 01/06/2022

Date of decision: 01/06/2022

Decided at meeting: 01/06/2022 - Cabinet

Effective from: 08/06/2022

Accompanying Documents:

 

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