Purpose

Applying MRP retrospectively provides approximately £23m of additional short term financial reserves to support the Council as it implements a sustainability programme to enable an improvement to the longer term financial stability.

Decision

Apply the amended Minimum Revenue Provision (MRP) policy adopted for the 2022/23 accounts retrospectively to 2021/22 accounts with aggregate prior year adjustments of accounts dating back to 2018.

Alternative options considered

Choosing not to apply this MRP adjustment retrospectively shortens the time available to implement a financial sustainability programme, and increases the pressure on the reserves, which is an additional financial risk. Accordingly, this option has been considered and rejected.