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Finance Sub-Committee - Tuesday, 25th June, 2024 2.30 pm

June 25, 2024 View on council website Watch video of meeting
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Summary

The Finance Sub-Committee of Cannock Chase Council convened to discuss several key financial matters, including the Medium-Term Financial Strategy (MTFS), budget assumptions, and the financial performance of wholly owned companies. Decisions were made to approve the budget assumptions and indicative allocations, and to note the draft pre-audited financial statements for the council's wholly owned companies.

Medium-Term Financial Strategy (MTFS) and Budget Assumptions

The committee reviewed and approved the MTFS Budget Assumptions for 2025-29 and the Indicative Allocation of Targets for 2025-26. Adele Taylor, the Interim Director of Finance and Customer Services, explained the importance of managing budgets rather than merely monitoring them. She highlighted the need for a line-by-line review of the previous year's budget to identify trends and ensure financial stability.

Councillor Stuart Gardiner raised concerns about the achievability of proposed budget reductions, particularly in adult social care, given increasing demand and costs. He also emphasised the need for councillors to make decisions on prioritising services, rather than officers. Adele Taylor assured that the MTFS would align with corporate priorities and best value duty.

Financial Performance of Wholly Owned Companies

The committee noted the Draft Pre-audited Financial Statements for Wholly Owned Companies for 2023-24. Adele Taylor presented the summarised financial position, indicating an increase in reserves and net core contract spending. She clarified that while the committee does not need to approve these pre-audit statements, they provide valuable insights into the financial performance of the companies.

Work Programme and Training

The committee discussed the Work Programme for 2024-25, noting the need for training on asset management and financial instruments. It was agreed that training sessions should be open to all members to ensure comprehensive understanding and effective decision-making.

Urgent Decisions

The committee noted an urgent decision regarding the appointment of Councillor Wilson to the observer role at Orbitas. The Schedule of Urgent Decisions was reviewed and accepted.

The meeting concluded with a move to a private session to discuss exempt information.

Attendees

Profile image for Councillor Stewart Gardiner
Councillor Stewart Gardiner  Deputy Leader of Conservative Group; Vice Chair of Strategic Planning Board •  Conservative •  Knutsford
Profile image for Councillor Nick Mannion
Councillor Nick Mannion  Leader of Council; Leader of Labour Group; Chair of Corporate Policy Committee •  Labour •  Macclesfield West and Ivy
Profile image for Councillor Janet Clowes
Councillor Janet Clowes  Leader of Conservative Group •  Conservative •  Wybunbury
Profile image for Councillor Lata Anderson
Councillor Lata Anderson  Vice Chair of Finance Sub Committee; Public Transport Champion •  Independent •  Wilmslow Dean Row
Profile image for Councillor Rod Fletcher
Councillor Rod Fletcher  Liberal Democrat (Non-Grouped) •  Alsager
Profile image for Councillor Chris O'Leary
Councillor Chris O'Leary  Conservative •  Sutton
Profile image for Councillor David Brown
Councillor David Brown  Conservative •  Congleton East
Profile image for Councillor Fiona Wilson
Councillor Fiona Wilson  Chair of Appointments Committee; Vice Chair of Economy and Growth Committee; Vice Chair of Northern Planning Committee •  Labour •  Macclesfield South
Profile image for Councillor Reg Kain
Councillor Reg Kain  Non-Grouped •  Alsager
Profile image for Councillor Brian Drake
Councillor Brian Drake  Labour •  Alsager