Agenda item

That the summary update on the key areas of the work undertaken to respond to the many and very serious financial challenges and the recommendations made by external agencies be noted. Specifically, the report provided an update on the following issues:

·  Capitalisation Direction

·  progress being made on generating capital receipts

·  budgets

·  Minimum Revenue Provision (MRP)

·  the Council’s borrowing levels

·  accounts

·  the dedicated schools grant

·  the finance structure

·  revenues and benefits

·  Council accounting, HR and procurement system (ERP)

·  commercial and procurement improvements

·  internal audit actions

·  company governance and actions

Cabinet noted the progress and issues arising from the continued work on the above.

Cabinet agreed to recommend the report to Council.

The Cabinet received that latest update on the Financial Action Plan that summarised the work undertaken to address the financial issues the Council faced and the recommendations made by external agencies.

The comprehensive report detailed that the progress that had been made and the Cabinet was asked to recommend the report to Council.  This was agreed.

Recommended –

(a)  That the summary update on the key areas of the work undertaken to respond to the many and very serious financial challenges and the recommendations made by external agencies be noted. Specifically, the report provided an update on the following issues:

·  Capitalisation Direction

·  progress being made on generating capital receipts

·  budgets

·  Minimum Revenue Provision (MRP)

·  the Council’s borrowing levels

·  accounts

·  the dedicated schools grant

·  the finance structure

·  revenues and benefits

·  Council accounting, HR and procurement system (ERP)

·  commercial and procurement improvements

·  internal audit actions

·  company governance and actions

(b)  Cabinet noted the progress and issues arising from the continued work on the above.

(c)  Cabinet agreed to recommend the report to Council.