Purpose

To approve the restated 2023/24 General Fund
Revenue budget;

Content

Decision:
To recommend to full Council on 25 July
2023:

(1)        
To approve the restated 2023-24 General
Fund Revenue budget, including the business case for additional planning
resources.

 

(2)        
To approve the repurposing of earmarked reserves as
detailed in the report.

 

(3)        
To endorse the findings in the
report.
 

(4)        
To note the response by the Chief Finance (Section
151) Officer to the S114(3) duty and his recommended immediate
actions including a range of expenditure controls, which will be
managed through a Financial Control Panel consisting of Senior
Officers and chaired by the Section 151 Officer.
 

(5)        
To note that a financial recovery plan
is being
developed by the
Chief Finance Officer in liaison with the Joint Management Team,
together with milestones and delivery targets, to be reported to
October Full Council for approval.
 

(6)        
To endorse the management action of establishing a task
force to deliver the financial recovery plan at pace, to provide
the capacity, skills, and capability to support
recovery.

(7)        
To note that the Executive will set up an executive
working group for the following purposes:

a)      
to receive and comment on regular updates on the
Council’s preparations for the Medium-Term Financial Plan
restatement in October and its implementation;

b)      
to provide a sounding board for the Executive and
officers on the options that are coming forward to close the
projected financial gap; and

c)       
to guide wider communication with councillors and
beyond

(8)        
To note that expenditure controls as a feature of
how the Council conducts its business will remain in place until
such time that the MTFP is balanced, and that such controls shall
be determined by the Chief Finance Officer and the Chief Executive,
in consultation with the Lead Councillor for Finance and
Property.

 

(9)        
To authorise the Chief Finance Officer and Chief
Executive to draw down earmarked funding to provide capacity to
address and deliver the financial recovery plan and note that the
Chief Finance Officer will continue to engage with expert external
assistance and advice.

 

(10)   
To endorse the proposal to develop an asset disposal
strategy to optimise the revenue impact from the divestment (via
sale or otherwise) of the Council’s assets and address the
need to pay off debt, utilising external advice and support to
ensure that best value returns are achieved.

(11)   
To agree that a revised Medium-Term Financial Plan
be brought to the Executive and Council in October 2023 and then
reported quarterly to the Corporate Governance and Standards
Committee.
Reason:

To enable the Council to set a
balanced budget, which is a statutory requirement and a robust
Medium-Term Financial Plan.
Other options considered and rejected by the
Executive:
None.
Details of any conflict of interest declared by
the Leader or lead councillors and any dispensation
granted:
None.