Issue - meetings

To consider the report.

Contact: James Anderson, Head of Accountancy

RESOLVED –

1)    That the key risks to the delivery of the budget in 2023/2024 be noted and be subject to consideration as part of the regular Budget Monitoring reports submitted to the Cabinet.

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

3)    That, subject to the continuation of the Business Rates Pooling arrangements, authority be delegated 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 2024/2029 (Appendix A refers) be noted, and that in view of the uncertainty with some of the assumptions upon which the Plan is based, that it will remain under review as the Council’s budget process progresses.

5)    That the scenario analysis as set out 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 approval be given to the Medium Term Financial Strategy.

7)    That under the provision of delegations, and in view of the significant financial challenge faced by the Council, early action will 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, consultation with relevant Cabinet Members, Officers 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 2024/2025.

9)    That the timetable for the development of the Council’s budget 2024/2025, as set out in the report, be noted.

10) That subject to consideration by respective Portfolio Holders, any budget proposals arising from the work above be considered by the Cabinet in due course (and subject to the proposal on consultation as set out at (11) below.)

11) That pursuant to (10) above and agreement with Councillors, and recognising that it may be necessary to consult on specific matters as required, it be noted 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.