The Cabinet agree to:
(a) note the Council’s updated financial position,
(b) approve the required budgetary changes, including the creation of a new emergency capital events & abortive costs reserve and budget recovery reserve and the transfer of funds to those; the transfer of funds to DSG adjustment account for the planned drawdown under Safety Valve agreement, specifically:
- the transfer of £1m recurring saving from the recalculation of debt charges to a new capital reserve
- the transfer of £2m from the Earmarked Reserve to Support Future Years Budget to a new Budget Recovery Reserve
- the transfer from the Kings Hill Smoothing Reserve of £14.4m to fund the 2023-24 safety valve
(c) approve the Revenue and Capital budget adjustments detailed in sections 14 and 15 of the budget monitoring report
(d) approve the award of a call-off contract for the supply of Early Payment Services
(e) in relation to (d) delegate authority to the s151 Officer to, in consultation with the Leader of the Council, finalise and enter into relevant contracts to implement the required contract award; and
(f) in relation to (d) delegate authority to the s151 Officer to take other actions, including but not limited to entering into contracts or other legal agreements, as required to implement the decision.