Decision details

Cabinet considered a report of the Director of Corporate Operations regarding the 2021/22 End of Year Financial report.

With reference to the report, it was highlighted that the covid grants from government had been fully used and also supplemented with the County Council’s own resources. Progress on achieving the SP23 targets was good and there was a significant overall underspend. Balances were strong, however these would be essential to tackle future financial pressure.

Cabinet welcomed the report, noting that the current return on investment was much lower than inflation, meaning that the County Council’s spending power was being eroded and additional funding may be needed for capital programmes. Pressures on areas such as social care meant that these services were not sustainable under their current delivery model and further change would be required. It was confirmed that a large proportion of the reserves were set aside for the capital programme and the remainder would be needed to underpin the strategy to 2025/26.

The recommendations in the report were considered and agreed. A decision record is attached to these minutes.