Issue - meetings

To consider a report of the Portfolio Holder for Finance, Commercial and Capital Strategy.

(a)  That the draft outturn and the financial performance for the year ended 31 March 2022, be noted.

(b)  That the revised financial strategy statement set out in appendix 1 and reserves position set out in the main body of the report, be agreed.

(c)  That the position and actions around the arrears of council tax business rates and other incomes, be agreed.

(d)  That the progress made against the action plan that was developed following the finance peer challenge review, as summarised in the update letter at appendix 2 of the report, be noted.

Reason for the decision

To report the financial outturn and financial performance for the year ended 31 March 2022.

To review the risks the organisation now faces; to consider areas where it wishes to make strategic investments and/or to repurpose and prioritise its reserves to facilitate these aims.

The Portfolio Holder for Finance, Commercial and Capital Strategy presented the Council’s draft unaudited financial performance for the year ended 31 March 2022 and the financial position at that date.

In response to a question in respect of a value for money framework, the Executive Director for Corporate Development advised that the Audit and Governance Committee had been carrying out a piece of work in this area, including researching any benchmarking that was already available in local government.

In respect of the reserves, some spending had taken place relating to the “High Needs Block” and additional funding had also been received.  Overall, reserves were a financial safety net and an opportunity for the Council to invest to save, and this was considered appropriate in the current economic climate.

It was proposed by Cllr G Suttle and seconded by Cllr Wharf

Decision

(a)  That the draft outturn and the financial performance for the year ended 31 March 2022, be noted.

(b)  That the revised financial strategy statement set out in appendix 1 and reserves position set out in the main body of the report, be agreed.

(c)  That the position and actions around the arrears of council tax business rates and other incomes, be agreed.

(d)  That the progress made against the action plan that was developed following the finance peer challenge review, as summarised in the update letter at appendix 2 of the report, be noted.

Reason for the decision

To report the financial outturn and financial performance for the year ended 31 March 2022.

To review the risks the organisation now faces; to consider areas where it wishes to make strategic investments and/or to repurpose and prioritise its reserves to facilitate these aims.