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.