Council’s cash position holds up despite covid pressures and cost of living councilors to be briefed | Local News | New
The Vale of Glamorgan Council is going through a tough time, but it’s just about keeping its financial head above water by saving money and dipping into its cash reserves.
At a meeting of the Enterprise Authority’s Performance and Resource Review Board on Wednesday, October 12, Chief Financial Officer Matt Bowmer will tell reporters that the legacy of the covid pandemic and the crisis current cost of living have an impact on the board’s monetary position.
He says: “The revenue situation for 2022/23 will continue to be challenging for the council, both operationally and financially, due to the continued implications of the pandemic and the cost of living.
“A general covid response reserve of £1.249m has been established in 2021/22 to help address some of these pressures in 2022/23.
“Emerging pressures in 2022/23 relate to ongoing energy costs, the recent wage allocation proposal, general inflation, particularly in areas such as school transportation and cost of living and pressures in personnel matters.
“Inflationary and demand pressures are felt across all services and will need to be watched carefully over the course of the year.
“Currently, there is an overall balanced position with pressures from an underspending of the political budget and some reduction in service reserves.
“An efficiency target of £500,000 has been set for the year and services are currently working to meet their targets. There are still some issues relating to unmet savings targets from previous years.
“Adverse deviations are expected for some services this year and the use of reserves will be necessary to address these short-term issues.”
The meeting will take place at 6 p.m. and can be viewed via this link.
The full agenda is available here.