Agenda item

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.

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.