RESOLVED - That the report be referred to Council with a recommendation that;
(i) the key risks to the delivery of the budget in 2024/2025 be noted and submitted to Cabinet on a quarterly basis as part of budget monitoring reports.
(ii) the continued uncertainty with the future funding outlook for the Council be noted.
(iii) the update and the revised budget gap to the Medium Term Financial Strategy for the period 2025/2026 to 2029/2030 (as set out at Appendix A) be noted and that, in view of the uncertainty with some of the assumptions upon which the Strategy is based, it remain under review as the Council’s budget process progresses.
(iv) it be noted that there is a significant gap of c£30m in 2025/2026 which requires either reduction in budget pressures or increased savings proposals to be brought forward at pace.
(v) the scenario analysis, as shown at Appendix C, which models the worst/best case scenarios around the baseline MTFP, as part of the assessment of potential risks facing the Council, be noted.
(vi) the Medium Term Financial Strategy be approved.
(vii) it be noted that, as delegations allow, and in view of the significant financial challenge faced by the Council, early action be taken to identify and implement budget reduction measures, consistent with the Medium Term Financial Strategy, as a means of reducing the funding gap, as set out in the report.
(viii) in consultation with relevant Cabinet Members, Officers be requested to identify and bring forward proposals consistent with the Medium Term Financial Strategy for consideration by Cabinet and Council as part of the development of the budget for 2025/2026.
(ix) the timetable as set out at Appendix E for the development of the Council Budget 2025/2026 be noted.
(x) it be agreed that, subject to consideration by Cabinet Members, any budget proposals arising from the work be considered by Cabinet in due course (subject to (xi) below).
(xi) it be noted that it is proposed to undertake consultation on the budget proposals in late 2024 with a view to informing decisions on the Council’s budget 2025/2026.
(xii) subject to the continuation of the Business Rates Pooling arrangements, authority be delegated to the Chief Executive and the Service Director (Finance), in consultation with the Leader and Cabinet Member for Finance and Regeneration, to determine whether the Council should continue as a member of the Leeds City Region Business Rates Pool in 2025/2026.