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RESOLVED –
 

1)   
That 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.

2)   
That the continued uncertainty with the future
funding outlook for the Council be noted.

3)   
That 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.

4)   
That 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.

5)   
That 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.

6)   
That the Medium Term
Financial Strategy be approved.

7)   
That 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.

8)   
That, 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.

9)   
That the timetable as set out at Appendix E for the
development of the Council Budget 2025/2026 be noted.

10)That
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 (11) below).

11)That
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.

12)That
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.