(Joint report of the Chief Executive, Director of Finance and Transformation and Director of Central Services and Monitoring Officer)
The report provided an update on both the Savings and Transformation Strategy and the Medium Term Financial Strategy having regard to the latest financial issues. Amongst a number of recommendations, Cabinet was asked to note the current position and proactively engage in a prioritisation exercise in order to facilitate savings options being worked up by Management Team.
Reference was made to the contextual background and the current position of the Savings and Transformation Strategy agreed in February 2021. An update on the Medium Term Financial Strategy following assessment of the current financial risks was provided.
The Chairman advised that it would be the role of the new Cabinet, which was to be appointed on 13 July 2021, to work through the financial implications set out within the report and consider how solutions could be formulated.
The Cabinet resolved that:
(1) the escalating scale of the financial challenge summarised in paragraph 1.6.1 be noted;
(2) the requirements of the CIPFA Financial Management Code for both officers and elected Members be noted;
(3) the recommendations for the sector from the Northamptonshire County Council Interventions report be noted;
(4) an exercise by the Management Team commencing during the summer to identify any possible contribution towards the immediate Tranche 1 and 2 savings targets be noted;
(5) it be noted that a prioritisation of services exercise prepared by elected Members was critical in steering Management Team in the right direction in the identification of more radical solutions, and it was agreed that a facilitated discussion as suggested in paragraph 1.4.14 would assist in this process; and
(6) the intention to report to the Overview and Scrutiny Committee in October 2021 with the recommendations arising from the Northamptonshire County Council Interventions report and the exploration of the roles and responsibilities of the Overview and Scrutiny Committee in respect of financial challenge and overview be noted.