Decision details

To consider the financial planning framework for consideration of forthcoming budget proposals and plans, informed by updated forward spend and funding forecasts.

RESOLVED – That the report be referred to the meeting of Council on 13 September 20233 with a recommendation;

1)    That the key risks to the delivery of the budget in 2023/24 be noted and that these would be subject to consideration as part of the regular Budget Monitoring reports submitted to the Cabinet;

2)    That the uncertainty with the funding outlook for the Council be noted, not least the limited progress on Local Government Finance reforms and that these would not take place before the next General Election;

3)    That subject to the continuation of the Business Rates Pooling arrangements, delegate authority to the Chief Executive and the Service Director Finance, in consultation with the Leader and the Finance and Regeneration Portfolio Holder, to determine whether the Council should continue as a member of the Leeds City Region Business Rates Pool in 2024/25;

4)    That the update to the Medium Term Financial Plan for 2024/29 as shown at Appendix A of the considered report be noted, and that in view of the uncertainty with some of the assumptions upon which the Plan is based, that it would remain under review as the Council’s budget process progresses;

5)    That the scenario analysis as shown at Appendix D which models ‘worst’ / ’best’ case scenarios around the baseline MTFP as part of the assessment of potential risks facing the Council be noted;

6)    That the Medium Term Financial Strategy as set out in the report be recommended for consideration and approval by Council;

7)  That as delegations allow, and in view of the significant financial challenge faced by the Council, note that early action would be taken to identify and implement budget reduction measures (consistent with the Medium Term Financial Strategy set out above) as a means of reducing the funding gap set out in this report;

8)  That in consultation with relevant Cabinet Members, request Officers to identity and bring forward proposals consistent with the Medium Term Financial Strategy set out in this report for consideration by Cabinet as part of their development of the budget for 2024/25;

9)  That the timetable set out in the report for the development of the Council’s Budget for 2024/25 be noted;

10)That, subject to consideration by respective Portfolio Holders, approval be given to any budget proposals arising from the work above be considered by the Cabinet in due course (and subject to the proposal on consultation below);

11)That subject to the work above and agreement with Councillors and recognising that it may be necessary to consult on specific matters as required, note that it is proposed to undertake consultation on the budget over Autumn 2023 with a view to informing decisions on the Council’s budget for 2024/25.