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(Joint report of Chief
Executive and Director of Finance and Transformation)
 
In accordance with the
Borough Council’s Financial Procedure Rules, the report
detailed actual Revenue and Capital Outturn for the year ended 31
March 2023 and subsequent adjustments made in
light of the Outturn position.
 
As part of the
closedown of accounts, a review of specific earmarked reserves held
by the Borough Council had been undertaken and these were detailed
in 1.2.3 of the report.
 
Cabinet welcomed
the positive outturn position, which could be attributed to above
profile performance on investment returns and major operational
income streams, recognised that the financial outlook remained
challenging and that the focus in 2023/24 would be to identify and
deliver the savings target of £500,000 before 2024/25.
To ensure that this
target was achieved, proposals in respect of potential savings
would be formulated in consultation with Officers at an earlier
stage, in advance of the budget setting process for 2024/25.
 

RESOLVED:  That
 
(1)            
the Revenue and Capital Outturn for year 2022/23 be endorsed and
noted;

 
(2)            
the action taken following a review of specific earmarked reserves,
set out at paragraph 1.2.3, be endorsed and noted;
 
(3)            
the Treasury Management and Investment Strategy Review 2022/23, set
out at Annex 2) be endorsed and noted; and
 
(4)            
a timetable for the programme of savings and transformation
contributions be progressed, in consultation with Officers, as soon
as possible to meet the demands of the budget setting process to
ensure the target of £500,000 was achieved by the start of
the financial year 2024/25