The chair invited the board to discuss the report detailing the Financial Strategy Work Programme and consider the recommendations contained within.

The board acknowledged that the new administration and changing economic landscape would necessitate a flexible response to existing and emerging plans.

The board recognised that the new administration had inherited a budget and a four year medium term financial strategy (MTFS) and that the board would expect the administration to add to and tweak those as necessary, along with other budgeting documents.

It was noted that the MTFS was a four year document and that at least three years of it would be relevant to the context in which the budget was going to be developed and set. It was a good document to look at early on in the board’s work programme as it took a longitudinal view extending out several years.

The board noted the table set out at paragraph 9 page 22 in the report and concluded that many of the items detailed were ongoing and should be brought back or adopted as part of any new work programme. It was also noted that the financial strategy report had taken on board some of the comments that were made during the previous board’s review of the budget.

The Statutory Scrutiny Officer explained to members that work was continuing on from the previous committee, but as a new administration the new board was free to set up its own programme and disregard the existing one.

The board welcomed the structure of having set briefings in addition to formal meetings. It was also suggested that monthly briefings should be held and be open to all councillors. The importance of frontloading briefings ahead of relevant meetings was discussed and the board asked the Head of Strategic Funding (deputy S151) whether it would be necessary to shift any of the briefings to be able to scrutinise more effectively.

The Head of Strategic Finance (deputy S151) explained that the next two scheduled briefings would focus on the MTFS and treasury management. It would be possible to work together with the external advisors and the Statutory Scrutiny Officer to ensure relevant briefings were held in advance of items to be scrutinised, this would be particularly helpful in relation to the capital investment programme and the items on the December agenda.

It was confirmed that the treasury management training session for members on 31 July was still going ahead and would provide a general overview on the subject, this would then be followed by another meeting in September 2023, which could be tailored to suit any specific requirements of the scrutiny board.

The board asked if there was a timeframe in relation to Councillor Stoddart reviewing the capital investment programme.

The Head of Strategic Finance (deputy S151) suggested that a timeframe would be confirmed by Councillor Stoddart and that no action would be taken before a briefing had taken place regarding any changes and recommendations resulting from the review.

The board discussed timelines  ...  view the full minutes text for item 7