Issue - meetings

To consider a report of the Cabinet setting out the end of year position for the financial period 2021/22 seeking approval of the County Council’s treasury management activities and prudential indicators.

The Council considered the report of Cabinet setting out the end of year financial year position for the County Council for 2021/22, following consideration by the Cabinet on 19th July 2022.

In introducing the report, the Leader drew Members’ attention to the recommendation to approve the County Council’s treasury management activities and prudential indicators as set out in Appendix 1 of the Cabinet report.  The Leader handed over to Councillor Steve Forster, Executive Member for Commercial Strategy, Estates and Property.

In expanding on the details of the report, Councillor Forster drew Members attention to continued strong financial stewardship and the early achievement of SP23 savings by departments.  The County Council’s work with the NHS had led to them funding in the region of £15m for the hospital discharge programme in this financial year, and the announcement by the Government of £500m nationally to continue funding this programme over the winter months was welcomed.  The County Council’s scale, capacity and its reserves had enabled it to cope with the Covid bill of circa £72m, and thanks were extended to officers for their diligence and hard work during the pandemic.

The Executive Member reported that prudent budgeting had enabled the release of circa £14m at year end to fund some important one-off initiatives and add to the Budget Bridging Reserve (BBR).  Total reserves had been increased which would see the County Council through to 2025/26 and underpinned continued strong financial management and flexibility in regard to service delivery.

During the course of debate, Members welcomed the savings position reported above and added their thanks to officers for their responsiveness to queries.  Concerns about inflation and the impact this might have on the County Council’s reserves was expressed, which was mitigated by the robust financial management referred to by the Executive Member.

RESOLVED:

That the County Council approves the report on the County Council’s treasury management activities and prudential indicators set out in Appendix 2 of the Cabinet report.