Agenda item

To consider the report by the Cabinet Member for Finance and Change providing an update on the Medium Term Financial Strategy.

DECISION MADE: (CAB 23/24 39082)

On consideration of the report of the Cabinet Member Finance and Change, Cabinet agreed the following:

General Fund – Revenue

It is recommended that Cabinet:

i)  Notes the updated budget position, progress made on the financial strategy and MTFS forecast.

ii)  Approves the creation of a Transformation Reserve and an Organisational Redesign Reserve as set out in paragraphs 50 to 54.

iii)  Approves the creation of an Investment Risk Reserve as set out in paragraphs 55 to 58.

iv)  Approves the reintroduction of the Social Care Demand Risk Reserve as set out in paragraph 59 to 62.

Housing Revenue Account

It is recommended that Cabinet:

v)  Notes the update on the Housing Revenue Account business plan proposals set out in paragraphs 90 to 99 and Appendix 6.

vi)  Approves the in-year budget adjustments to the Housing Revenue Account capital programme detailed in paragraphs 82 to 89.

Capital Programme

It is recommended that Cabinet:

vii)  Notes the progress on reviewing the General Fund capital programme set out in paragraphs 70 to 72.

viii)  Notes the in-year budget adjustments to the General Fund capital programme, as summarised in paragraph 72 and detailed in Appendix 5.