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Matter for Decision
At this stage in the 2023/24 budget process
the range of assumptions on which the Budget Setting Report (BSR) published in
February 2022 was based need to be reviewed in light of the latest information
available to determine whether any aspects of the strategy need to be revised
further. This then provides the basis for updating the budget for 2023/24 and
to provide indicative budgets to 2032/33. All references to the recommendations
to Appendices, pages and sections relate to MTFS Version 1.0.
The recommended budget
strategy is based on the outcome of the review undertaken together with
financial modelling and projections of the council’s expenditure and resources
in light of local policies and priorities, national policy and economic
context. Service managers have identified financial and budget issues and
pressures and this information has been used to inform the MTFS.
Decisions of the Executive Councillor for Finance, Resources and
Transformation
The Executive Councillor recommended to council:
General Fund Revenue
· To agree
the budget process and timetable as outlined in Section 8 [page 25] of the MTFS
document.
· To agree the
incorporation of changed assumptions as presented in Section 3 [pages 10 and
11], which provide an indication of the net savings requirement, by year for
the next five years [page 13], and revised projections for General Fund (GF)
revenue and funding as shown in Appendix A [page 26] and reserves, Section 6
[page 18].
· To agree
the 2022/23 revenue budget proposal as set out in Section 4 [page 12], for a
£1,122k increase in pay budgets to reflect the current pay offer
Capital
· To note
the changes to the capital plan and funding as set out in Section 5 [pages 15
to 17] and Appendix B [pages 27 to 30] of the MTFS document.
· To agree
capital spending proposals as set out below.
Reserves
·
To agree changes to GF reserve levels, the prudent minimum balance being
set at £6.854m and the target level at £8.225m as detailed in Section 6 [page
18].
·
To agree that the remaining balance of £213k on the Cambridge Live
Development Fund is transferred to the GF reserve and the fund is closed [page
20].
Reason for the Decision
As set out in the Officer’s report.
Any Alternative Options Considered and Rejected
Not applicable.
Scrutiny Considerations
The Committee received a report from the Head of Finance.
Members of the Committee made the following points:
Despite improvements in the presentation of the financial information
for the public, the Council should do more to explain the Council’s financial
position to improve public awareness.
The Executive Councillor for Finance, Resources and Transformation said
the following in response to Members’ questions:
·
The Council produces news releases at various stages of the budget
process and explanatory films on the Council’s YouTube and social media content
but is willing to discuss other ideas and options with Members.
·
Will look with the Head of Finance into Heads of Service’s providing
information how they are managing their in-year budgets to share with Members
of the Scrutiny Committee (in addition to the Q2 information due to be
circulated in the next 2 weeks).
General Fund Revenue
The Committee unanimously resolved:
i.
To agree the budget process
and timetable as outlined in Section 8 [page 25] of the MTFS document.
The Committee resolved 6-0 (with 2 abstentions):
ii.
To agree the
incorporation of changed assumptions as presented in Section 3 [pages 10 and
11], which provide an indication of the net savings requirement, by year for
the next five years [page 13], and revised projections for General Fund (GF)
revenue and funding as shown in Appendix A [page 26] and reserves, Section 6
[page 18].
The Committee unanimously resolved:
iii.
To agree the 2022/23
revenue budget proposal as set out in Section 4 [page 12], for a £1,122k
increase in pay budgets to reflect the current pay offer.
Capital
iv.
To note the changes to
the capital plan and funding as set out in Section 5 [pages 15 to 17] and
Appendix B [pages 27 to 30] of the MTFS document.
v.
To agree capital spending
proposals as set out below.
Revenues
vi.
To agree changes to GF
reserve levels, the prudent minimum balance being set at £6.854m and the target
level at £8.225m as detailed in Section 6 [page 18].
vii.
To agree that the
remaining balance of £213k on the Cambridge Live Development Fund is
transferred to the GF reserve and the fund is closed [page 20].
The Executive Councillor approved the recommendations.