Decision details

RESOLVED

(1)            That Cabinet approved the use of the Resilience Reserve to fund the shortfall in budget.

(2)            That Cabinet approved any subsequent under spend on the General Fund in respect of 2022/23 be transferred to the Resilience Reserve to “pay back” the contribution made this year and increase financial resilience for future years.

RECOMMENDATIONS TO COUNCIL

(3)            That the budget in respect of the General Fund as set out in Appendix 1 of this report be approved as the Current Budget for 2022/23.

(4)            That the budget in respect of the HRA as set out in Appendix 3 of this report be approved as the Current Budget for 2022/23.

(5)            That the Capital Programme as set out in Appendix 4 of this report be approved as the Current Budget for 2022/23.

REASONS FOR DECISION – To prepare revised budgets as early as possible within the financial year to provide sufficient time to allow any planned changes to be delivered. The Council has faced financial challenges this year putting pressure on the ability to set a balanced General Fund budget but careful budget management, use of reserves ring fenced for providing resilience when needed, and the ongoing progression of the transformation agenda has mitigated this.

OTHER OPTIONS CONSIDERED AND REJECTED – There were no alternative options being considered at this time. How resources are utilised is ultimately a decision Members which will take as part of the 2023/24 Medium Term Financial Planning process.

This is a Key Decision. The call-in period for the two resolutions made by Cabinet will run until Monday 5 December 2022.