Cabinet members:
(a)
Noted the updated cost pressures set out in the
paper and the validation work that had been carried out on them
(b)
Agreed the assumptions being used in
the Medium-Term Financial Plan (MTFP);
(c)
Noted the financial gap arising from
(i) and (ii) above;
(d)
Agreed the 2022/23 draft principles
for budget setting;
(e)
Noted the approach to closing the
budget gap that was set out in the paper, recognising that this was work in
progress;
(f)
Agreed that Portfolio Holders work
with officers to continue to identify and develop savings opportunities;
(g)
Noted the emerging national context
set out in this paper;
(h)
Endorsed the next steps and
timetable leading up to the 2022/23 budget being presented to full Council on 15
February 2022.
Reason to note
and receive the report
This paper was presented to Cabinet to provide an update on the budget
gap for 2022/23 and the subsequent years of the MTFP and to update on progress
on action/savings to date.