Financial Recovery Plan moves to next stage
On 6 October, our Executive reviewed our Financial Recovery Plan - October update report.
This second issue of the plan sets out:
- our progress on controlling expenditure in this financial year
- the Section 151 officer's assurance that a Section 114 notice is not needed at this stage
- our progress towards delivering a balanced budget for 2024-25
- the creation of workstreams to deal with the budget gap
- an update on the finance service improvements we've made
Actions taken by the Executive were to:
- approve the updated plan
- recommend that full Council endorse the plan at its next meeting on 10 October 2023
- note that the Section 151 officer has identified enough savings to avoid issuing the Section 114 Notice at this time
- approve discontinuing the Parish Grants scheme from 1 April 2024, saving us £90k per year
Potential savings areas in both the current and future years are set out in our Financial Recovery Plan.
Leader of the Council, Cllr Julia McShane, said:
"I'm pleased we've reached this milestone on our road to financial recovery. I'd like to thank all the officers and councillors who have worked tirelessly to get us this far. We remain steadfast to our commitment of achieving financial stability."
Lead Councillor for Finance and Property, Cllr Richard Lucas, said:
"My thanks go to our team of financial experts, who have carried out a rigorous analysis of our income and expenditure to balance this year's budget. The savings we've found so far have not impacted the quality of the services we provide to our residents and local businesses.
"The work to date has laid a strong foundation on which to base our 2024 to 2025 budget. We're ready to face the hard work and difficult decisions that still lie ahead.
"The immediate next step is for the full Council to endorse our latest update of the Financial Recovery Plan."
Outcome of Full Council on 10 October 2023
- endorsed the Financial recovery plan
- noted that the Section 151 officer has identified enough savings to avoid issuing the Section 114 Notice at this time
The Council will receive another progress report in December.
Published on: 6 October 2023 and update added after Full Council meeting
Previous releases about our financial situation
27 September 2023: Latest update on our financial situation September 2023
31 August 2023: Latest update on our financial situation