On 11
October 2022, Cabinet:-
(i) Approved that up to
£5.0m of the Financial Resilience Reserve (FRR) is used to fund the costs of
the Cost-of-Living Emergency, as set out in paragraph 4.1 of the report;
(ii) Approved the delegation
of expenditure on the Cost-of-Living Emergency, as set out in paragraph 4.2 of
the report;
(iii) Noted that due to the
extraordinary national economic circumstances, an update on the financial
position will be provided to Cabinet each month, rather than just quarterly
during the 2022/23 financial year. A more detailed report will be provided
quarterly. We will also continue to provide the monthly report to Resources
Overview & Scrutiny Committee;
(iv) Noted that at Month 5
the City Council’s strategic aim continues to be to deliver a balanced revenue
position by the end of this financial year;
(v) Noted that the Council
faces a number of financial challenges in 2022/23. However, the Council is in a
strong robust position with strong financial planning processes in place.
Reserves are healthy and within recommended limits;
(vi) Noted that due to the
ongoing improvements in the restructuring of cost centres to improve financial
management this is a high-level report. A more detailed report will be
available at quarter 2.
THE
DEADLINE FOR CALL IN IS 1600 HOURS ON MONDAY 17 OCTOBER 2022.