Agenda item

*RESOLVED –

1.    That the updated budget projections for 2021/22, which forecast a balanced position, be noted.

2.    That the progress made in the development of the budget for 2022/23 and the Medium-Term Financial Plan (MTFP) for years 2022/23 to 2025/26 be noted.

3.    That the progress made in the development of the Organisation Development Programme and the incorporation of budget savings into an overall change programme be noted.

4.    That Cabinet votes that work continues to refine the draft estimates for 2022/23 and future financial years, and to identify ways in which a balanced budget can be achieved, and that this will form part of the MTFP Council report in February 2022.

REASON FOR DECISIONS

1.    To present an updated assessment of the Council’s forecast outturn for 2021/22 and progress in addressing the deficit in year.

2.    To set out the context of the financial environment for the medium-term and present the Council’s first phase of its draft budget and MTFP setting proposals for 2022/23 to 2025/26.

The Service Director - Finance submitted a report providing an updated assessment of the Council’s forecast budget position for 2021/22 and future financial years.

Solid progress had been made to address the forecast deficit position for 2021/22, which had been reported at the end of Quarter 2. A  balanced year-end position was now forecast. The report attributed this improved position to the receipt of additional Cultural Recovery Fund grant funding of £153k to offset the impact of the covid-19 pandemic on the running costs of the council’s cultural venues and museums, new burdens grant funding of £62k and extra income from fees and charges.

The report also provided an update on the council’s Medium-Term financial position. This showed a  projected deficit for 2022/23 of £12k, increasing to £181k by 2025/26.

*RESOLVED –

1.    That the updated budget projections for 2021/22, which forecast a balanced position, be noted.

2.    That the progress made in the development of the budget for 2022/23 and the Medium-Term Financial Plan (MTFP) for years 2022/23 to 2025/26 be noted.

3.    That the progress made in the development of the Organisation Development Programme and the incorporation of budget savings into an overall change programme be noted.

4.    That Cabinet notes that work continues to refine the draft estimates for 2022/23 and future financial years, and to identify ways in which a balanced budget can be achieved, and that this will form part of the MTFP Council report in February 2022.

REASON FOR DECISIONS

1.    To present an updated assessment of the Council’s forecast outturn for 2021/22 and progress in addressing the deficit in year.

2.    To set out the context of the financial environment for the medium term and present the Council’s first phase of its draft budget and MTFP setting proposals for 2022/23 to 2025/26.