Members received the Final Revenue Budget 2022/23 and final Medium Term Financial Strategy 2022/2023 to 2024/2025, which was presented to Cabinet on 10 February 2022.
The report set out the final revenue budget for 2022/2023 and final Medium Term Financial Strategy (MTFS) for 2022/2023 to 2024/2025. In December 2021, Cabinet had approved the draft versions of the revenue budget and MTFS for general consultation.
A Member queried what potential impact there would be on the MTFS given the projected high rate of inflation due to rising energy/gas costs, and other associated price increases. It was advised that £4.75m was included in the budget to cover pay and non-pay inflation costs.
Another Member was concerned about budget risks for next year, and which sector would be most affected. It was advised that the Council would maintain a tight grip on finances given that inflation would have a significant impact. However, fuel and energy price increases were determined by external factors, outside the Council’s control. It was hoped that Adults and Children’s Services would remain stable.
RESOLVED: That the report be noted.