Issue - meetings

Having considered an open officer report, and a presentation by the Cabinet

Member for Finance and Resources, Councillor Amanda De Ryk, the Mayor

and Cabinet agreed that:

(1) the current financial forecasts for the year ending 31 March 2022 be noted

and Executive Directors be requested to continue to work in bringing forward

action plans to manage down budget pressures within their directorates;

(2) £5m of prudential borrowing be approved for the purposes set out in

section 16 and in agreeing the revenue impact of this borrowing of £150k per

annum be noted with the associated funding identified during the Council’s

Medium Term Financial planning process; and

(3) the overall position of the Capital Programme budget set out in section 16

with further details attached at appendices 4 to 6 be noted.

Councillor De Ryk confirmed there had been a £20.2M overspend related to

Covid measures and a £8.9M overspend from other sectors, mainly Adult

Social Care and Children Social Care. She recommended prudential

borrowing of £5M at an interest rate of £150k per year.

Having considered an open officer report, and a presentation by the Cabinet

Member for Finance and Resources, Councillor Amanda De Ryk, the Mayor

and Cabinet, for the reasons set out in the report and by a vote of 3-0:

RESOLVED that:

(1) the current financial forecasts for the year ending 31 March 2022 be noted

and Executive Directors be requested to continue to work in bringing forward

action plans to manage down budget pressures within their directorates;

(2) £5m of prudential borrowing be approved for the purposes set out in

section 16 and in agreeing the revenue impact of this borrowing of £150k per

annum be noted with the associated funding identified during the Council’s

Medium Term Financial planning process; and

(3) the overall position of the Capital Programme budget set out in section 16

with further details attached at appendices 4 to 6 be noted.