Decision details

The Executive agreed the recommendations as outlined above namely:

1. To approve the Medium-Term Financial Sustainability Strategy 2021/22 – 2026/27 attached at Appendix 4a to the Executive report.

2. To initiate a period of consultation with key stakeholders before the 2022/23 Budget cycle commences.

3. 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].

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].

5. To suspend the Cash Limited Budgeting Regime to allow finances to be managed more strategically at a corporate level [paragraph 5.3].

6. 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].

7. 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].

8. To agree to receive updates of the Strategy and/or Plan on a rolling annual basis or as changing circumstances dictate.