Decision Maker: Executive
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Decision:
The Executive agreed the
recommendations as outlined above namely:
- To
approve the Medium-Term Financial Sustainability Strategy 2021/22
– 2026/27 attached at Appendix 4a to the Executive
report.
- To
initiate a period of consultation with key stakeholders before the
2022/23 Budget cycle commences.
- To
defer delivery of the 5-year Children’s Social Care
medium-term financial plan by 12 months in order to give its
workstreams more time in which to take
effect [section 4.4].
- To
transition out the Growth and Prosperity net revenue budget target
over a 2-year period, 2022/23-23/24, with any proceeds subsequently
realised from the existing work programme being directed to
bolstering reserves and any new proceeds being retained by Growth
and Prosperity for their re-investment [section 4.4].
- To
suspend the Cash Limited Budgeting Regime to allow finances to be
managed more strategically at a corporate level [paragraph
5.3].
- To
continue to plan for a level of general working balances of
£6m and agree that this should be subject to ongoing review
[paragraph 5.4].
- To
invite independent assurance on the robustness and validity of this
Strategy and Medium-Term Financial Plan via CIPFA’s Financial
Resilience Advisory Report peer review service or equivalent
[paragraph 6.2].
- To
agree to receive updates of the Strategy and/or Plan on a rolling
annual basis or as changing circumstances dictate.
Publication date: 09/11/2021
Date of decision: 08/11/2021
Decided at meeting: 08/11/2021 - Executive
Effective from: 13/11/2021
Accompanying Documents: