Decision

RESOLVED that Cabinet:-

1. Notes the final position for the General Fund which shows cumulative cost pressures for the year of £10.5M (after adjusting for statutory balances, scheme slippage & known expenditure commitments in 22/23 – detailed in Appendix 1), an improvement of approximately £2.0M on the position reported at Q3; and
2. Approves the release of £10.5M of reserves previously earmarked to mitigate these cost pressures and deliver a balanced budget in line with the Medium-Term Financial Strategy (MTFS); and
3. Notes the final position on the Housing Revenue Account, which shows cumulative cost pressures of £0.665M funded from a transfer from reserves; and
4. Approves the write-off of historic bad debts totalling £1.1M as detailed in Section 4 of the report; and
5. Notes that an updated MTFS and mitigating efficiency plans will be submitted to Cabinet in due course in lieu of the significant ongoing financial challenges faced by the Council.