Issue - meetings
2023/24 Revenue and Capital Financial Performance Report - High Risk budgets
Meeting: 17/07/2023 - Cabinet (Item 150)
150 2023/24 Revenue and Capital Financial Performance Report - High Risk budgets 
PDF 738 KB
Purpose
This report provides members with an initial view on the financial challenge for the Council in the current financial year.
Recommendations
That Cabinet resolves to:
1) To note the initial view on high-risk budgets/financial performance
2) Agree to establish a new earmarked reserve “Treasury Management Risk” as set out in para 5.13 of this report
Additional documents:
Minutes:
The purpose of the report was to provide members with an initial view on the financial challenge for the Council in the current financial year.
The Deputy Leader and Cabinet Member for Finance introduced the item. The Deputy Leader stated that the Cabinet Transformation Working Group had been focussed on delivering savings.
The report stated that the Council had faced several external budget pressures throughout 2022/23 which would continue to impact the Council’s finances over the medium-term. There remained significant uncertainty around inflation and interest rates which exerted an influence over the Council’s budget both directly and indirectly.
The Deputy Leader explained that Cabinet was therefore asked to agree to establish a new “Treasury Management Risk” earmarked reserve.
The Deputy Chief Executive and Chief Finance Officer stated that budget risks and savings targets were addressed in the report. The General Fund revenue budget included savings targets of £0.250m for Publica and Ubico.
Members noted that car parking revenue was ahead of budget, and welcomed this.
The recommendations were proposed by Councillor Mike Evemy and seconded by Councillor Joe Harris.
RESOLVED That Cabinet
1) NOTE the initial view on high-risk budgets/financial performance
2) AGREE to establish a new earmarked reserve “Treasury Management Risk” as set out in para 5.13 of this report
Record of Voting – For: 8, Against 0, Abstention 0, Absent: 0
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For |
Against |
Absent |
Abstentions |
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Claire Bloomer |
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Joe Harris |
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Juliet Layton |
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Lisa Spivey |
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Mike Evemy |
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Mike McKeown |
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Paul Hodgkinson |
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Tony Dale |
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