Agenda item

(a)  That the current position of the financial recovery work be noted; and

(b)  That the report be recommended to Council.

The Section 151 Officer introduced a report that provided the first in a series of updates on work planned and being undertaken to improve all aspects of the Council’s financial position.

The report set out the current position and work underway in relation to the accounts, budget, review of companies, internal audit, systems, the finance team and financial management.  All projects in the plan had nominated finance team leaders and project plans.  In relation to the accounts it was noted that there was an aspiration that three sets of accounts for 2018/19, 2019/20 and 2020/21 would be prepared by March 2022, although it was recognised this was a challenging target given the volume of work required.  The management team and Lead Members had been working intensively over the summer to close the revenue budget gap for 2021/22 and 2022/23 with proposals due to be considered by scrutiny in November.  Progress had been made with regards to the capital programme and this would be presented to Members when completed.  Work was well underway to cleanse outstanding internal audit recommendations and ensure they have been properly responded to and closed.  The short and longer term plans to strengthen the finance team were also noted.

In response to a question from Councillor Strutton under Rule 30 the action being taken to improve the effectiveness of the management and reporting of the Council’s subsidiary companies was noted.

The Cabinet welcomed the action being taken to strengthen financial management and agreed to recommend the report to Council on 23^rd September 2021.

Resolved –

(a)  That the current position of the financial recovery work be noted; and

(b)  That the report be recommended to Council.