To consider the report of the Cabinet Member for Finance and Corporate/Chief Finance Officer.

Consideration was given to a report which set out the Chief Finance Officer’s opinion regarding the robustness of the proposed budget and the adequacy of general balances and reserves.

The Chief Finance Officer had concluded that the proposed budgets and associated systems and processes were sound and the level of general balances and reserves were adequate.  It was advised that the proposed estimates and tax setting calculations were robust, reserves were adequate and the provisional Capital Programme was affordable. 

The Leader of the Council moved the recommendations as set out in the report and commended the Chief Finance Officer and her team for their work to ensure the Council had a robust budget in place.

RESOLVED -

1.    That the report be noted and the approach to General Balances, as outlined in the report be endorsed.

2.    That the General Fund Balances for 2021/2022 set at £17 million be approved.

Report of the Cabinet Member for Finance and Corporate/Chief Finance Officer.

Cabinet considered a report of the Cabinet Member for Finance and Corporate which south to inform of the opinion of the Chief Finance Officer regarding the robustness of the budget as proposed and the adequacy of general balances and reserves. This report outlined the robustness of the budget, the key risks and the level of reserves to support the Council’s financial resilience.

Alternatives considered:

The conclusions of the report were that the proposed budget was robust and that the proposed level of general balances and reserves were adequate. An option to reduce the level of balance/reserves was not recommended given the risk assessment outlined in this report.

RESOLVED:

1.    That the content of the report be considered prior to the approval of the Revenue and Capital Budgets, and Members endorse the approach to General balances included in the report;

2.    That it be recommended that Budget Council approves that the General Fund Balances for 2022/23 be set at £17m.

Reasons for the decision:

In order to comply with the Local Government Act 2003 the Chief Finance Officer is required to provide Council with an opinion as to the robustness of the Budget being presented to Council and to ensure the adequacy of general balances and reserves. The Chief Finance Officer reports formally on the following issues:

a)     An opinion as to the robustness of the estimates made and the tax setting calculations;

b)    The adequacy of the proposed financial reserves;

c)    Consideration of the overall affordability of the capital programme when determining the prudential indicators;

d)    The production of longer-term revenue and capital plans.

To scrutinise the Chief Finance Officer’s opinion regarding the robustness of the proposed budget and the adequacy of general balances and reserves.

Consideration was given to a report which set out the Chief Finance Officer’s opinion regarding the robustness of the proposed budget and the adequacy of general balances and reserves.

The Chief Finance Officer had concluded that the proposed budgets and associated systems and processes were sound and the level of general balances and reserves were adequate.  It was advised that the proposed estimates and tax setting calculations were robust, reserves were adequate and the provisional Capital Programme was affordable.

RESOLVED – That the report be noted.

Report of the Cabinet Member for Finance and Corporate/Chief Finance Officer.

To scrutinise the Chief Finance Officer’s opinion regarding the robustness of the proposed budget and the adequacy of general balances and reserves.