Purpose

Applying MRP retrospectively provides
approximately £23m of additional short term financial
reserves to support the Council as it implements a sustainability
programme to enable an improvement to the longer term financial
stability.

Content

Apply the amended Minimum Revenue Provision
(MRP) policy adopted for the 2022/23 accounts retrospectively to
2021/22 accounts with aggregate prior year adjustments of accounts
dating back to 2018.

Alternative options considered

Choosing not to apply this MRP adjustment
retrospectively shortens the time available to implement a
financial sustainability programme, and increases the pressure on
the reserves, which is an additional financial risk. Accordingly,
this option has been considered and rejected.