Purpose

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

Content

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.