Decision Maker: Co-operative Executive
Decision status: Recommendations Approved
Is Key decision?: Yes
Purpose:
1.
Note the forecast position;
2.
Note, as a planning assumption, core Council Tax increases of 2%
each year;
3.
Note the additional pressures caused by the COVID crisis, and in
response consider what further transformation savings are required,
and lobby Central Government for additional financial support;
4.
Note that the Council’s current level of reserves provides a
limited amount of time for action to be taken strategically in
response to the COVID crisis and the more general financial
position, but that firm actions will be needed, on current
projections, to maintain financial stability in the short to medium
term. These actions will include further co-operation with other
key stakeholders, in particular the NHS; and
5.
Note that unless firm action is taken to contain pressures, deliver
agreed savings, and focus any new spending on a small number of key
priorities, the Council’s financial position will soon spiral
out of control.
Decision:
11.1
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To provide
Members with details of the forecast financial position of the
Council for the next 4 years (2022/23 to 2025/26) and to set the
financial constraints within which the budgeting and business
planning process will need to work to achieve a balanced budget
position over the medium term.
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11.2
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RESOLVED: That Co-operative Executive:-
1.
Note the forecast position;
2.
Note, as a planning assumption, core Council Tax increases of 2%
each year;
3.
Note the additional pressures caused by the COVID crisis, and in
response consider what further transformation savings are required,
and lobby Central Government for additional financial support;
4.
Note that the Council’s current level of reserves provides a
limited amount of time for action to be taken strategically in
response to the COVID crisis and the more general financial
position, but that firm actions will be needed, on current
projections, to maintain financial stability in the short to medium
term. These actions will include further co-operation with other
key stakeholders, in particular the NHS; and
5.
Note that unless firm action is taken to contain pressures, deliver
agreed savings, and focus any new spending on a small number of key
priorities, the Council’s financial position will soon spiral
out of control
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11.3
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Reasons for Decision
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11.3.1
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To inform
Co-operative Executive Members of the latest changes to the
Council’s medium term forecasts,
and to provide a strategic framework for the development of budget
proposals and the business planning process beyond
2022/23.
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11.4
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Alternatives Considered and Rejected
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11.4.1
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A number of alternative courses of action are
considered as part of the process undertaken by Officers before
decisions are recommended to Members.
The recommendations made to Members represent what Officers believe
to be the best options available to the Council, in line with
Council priorities, given the constraints on funding and the use to
which funding is put within the Revenue Budget and the Capital
Programme.
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11.5
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Any
Interest Declared or Dispensation Granted
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None
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11.6
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Reason for Exemption if Public/Press Excluded During
Consideration
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None
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11.7
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Respective Director Responsible for
Implementation
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Executive
Director, Resources
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11.8
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Relevant Scrutiny and Policy Development Committee If Decision
Called In
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Overview and
Scrutiny Management Committee
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Report author: Eugene Walker
Publication date: 22/10/2021
Date of decision: 20/10/2021
Decided at meeting: 20/10/2021 - Co-operative Executive
Effective from: 29/10/2021
Accompanying Documents: