Issue - meetings

Cabinet Member: Finance

Forward Plan Ref: 2022/048

Contact: Kathy Wilcox, Head of Financial Strategy, 07788302163

Report by Director of Finance (CA8).

To provide background and context to the budget and business planning process for 2023/24.

The Cabinet is RECOMMENDED to:

a)              Endorse the report and note the assumptions that will form the starting point for the 2023/24 budget as well as updates since the Medium Term Financial Strategy was agreed in February 2022 that need to be considered;

b)              Approve the budget and business planning process for 2023/24; and

c)              Approve a three-year period for the medium-term financial strategy to 2025/26 and ten-year period for the capital programme to 2032/33.

Recommendations agreed.

Cabinet had before it a report providing context and background information as well as updates about the wider economic environment since the 2022/23 budget and Medium Term Financial Strategy was agreed in February 2022. 

Councillor Calum Miller, Cabinet Member for Finance, noted that the new Chancellor of the Exchequer had announced that he wanted further cuts in spending.  Inflationary pressures meant that another £30m would need to be found in savings.  Extra demands would require another £20m in order for them to be met.

The feedback from last year’s extensive consultation process will be taken on board in the first stage.  Proposals will be published on 18 November for this year’s consultation process.  Different aspects of budget planning have been taken to scrutiny committees twice already this year and they will continue to be involved in the process.

The recommendations were moved by Councillor Miller, seconded by Councillor Phillips and agreed.

RESOLVED to:

a)         Endorse the report and note the assumptions that will form the starting point for the 2023/24 budget as well as updates since the Medium Term Financial Strategy was agreed in February 2022 that need to be considered;

b)         Approve the budget and business planning process for 2023/24; and

c)         Approve a three-year period for the medium-term financial strategy to 2025/26 and ten-year period for the capital programme to 2032/33.