Issue - meetings

Cabinet considered a report providing an update on the county council's 2021/22 revenue and capital financial position, as at the end of November 2021 and an updated Medium-Term Financial Strategy covering the period 2022/23 to 2024/25.

It was noted that whilst the quarter 3 forecast presented an underspend of £23.45m for the current financial year, there remained a level of uncertainty about the longer-term impacts of the ongoing pandemic. The extent and profiling of any latent impact on price or demand for the county council services also remained unclear.

Resolved: That;

1. The current forecast underspend of £23.46m on the revenue budget in 2021/22 be noted;
2. The revised funding gap of £21.690m in 2022/23 be noted and Full Council on 17 February 2022 be asked to approve that this  be met from the uncommitted transitional reserve;
3. The revised forecast funding gap of £42.830m by 2024/25 as set out in the revised financial outlook forecast for the council be noted;
4. Approval be given for the budget adjustments for 2021/22, and following years' changes, included in the revised Medium-Term Financial Strategy;
5. The contents of the county council's reserves position be noted;
6. The revised 2021/22 capital delivery programme of £165.567m and the forecast outturn of £164.050m be noted;
7. Full Council on 17 February 2022 be asked to approve an indicative capital delivery programme of £206.263m in 2022/23; and
8. Full Council on 17 February 2022 be asked to approve a Band D Council Tax for 2022/23 reflecting a 3.99% increase including 2% to be used for adult social care as per the new flexibilities.