The Cabinet was provided with the background to the Council’s financial position and an update on the work undertaken to respond to the many and very serious financial challenges and the recommendations made by external agencies .
That the progress and issues arising from the continued work on the above be noted.
It was agreed to recommend the report to Council.
The Lead Member for Financial Oversight & Council Assets introduced the updated Financial Action Plan which set out the progress since the last report in May 2022 regarding the work undertaken to respond to the very serious financial challenges and recommendations made by various external agencies including CIPFA and DLUHC. The Cabinet was asked to recommend the report to full Council.
The key areas of progress were summarised and included the submission of the 2018/19 accounts to the auditors. The audit had now commenced and would take several months. The accounts had been very substantially revised since the original draft prepared by the previous finance team and whilst this had been a challenging process in which many issues had been identified, the accounts would provide a solid base for future years accounts. The timetable for producing accounts for subsequent years of 2019/20, 2020/21 and 2021/22 by March 2023 was on track and the finance team was in regular liaison with the auditors. Lead Members also particularly noted the updates on 2021/22 provisional outturn; finance monitoring for 2022/23; the finance restructure; and the work on DSG deficit which was reporting an improved position due to the extensive work being undertaken.
Lead Members welcomed the progress that was being made and commented that finalising the historic accounts was a key priority to enable the Council to have a clear baseline for future financial planning. It was recognised that significant further progress was still required as it would take a considerable time to address all of the issues identified, however, it was agreed that the report provided a clear overview of the current position and future work. The Cabinet agreed to recommend the report to Council.
(a) That the background to the Council’s financial position and the update on the work undertaken to respond to the many and very serious financial challenges and the recommendations made by external agencies be noted.
(b) That the progress and issues arising from the continued work on the above be noted.
(c) That it be agreed to recommend the report to Council.