Content

11.1

Members considered
a report of the Executive Director City Futures setting out new financial pressures facing
the Economic Development and Skills Committee in 2024/25, and
budget options including savings, fees, grant and other income available to the council to
offset these pressures.

 

 

11.2

RESOLVED
UNANIMOUSLY: That the Economic
Development and Skills Policy Committee:-
 
1.     
Note the recommendation
approved at the Strategy and Resources Committee in September that
“Policy Committees will be asked to develop savings /
additional income options that cover their service pressures”
and to “require Policy Committees to report at their meetings
in November on how they can balance their
budgets.”
2.     
Note the new financial
pressures and risks within the Economic Development and Skills
Committee
3.     
Note the options proposed to
mitigate these pressures and that they will be presented to the
Strategy and Resources Committee as part of the Council’s
budget for 2024/25
4.     
Note the financial risks beyond
March 2025 with the end of the Shared Prosperity Fund, and agree to work with officers in coming
months on plans to mitigate these risks where possible.

 

 

11.3

Reasons for Decision

 

 

11.3.1

We have
sought to strike a balance between meeting our budget challenges in
Committee and still delivering as much impact as possible for
Sheffield’s economy and residents. Removal of services and
budgets would dramatically reduce the city’s ability to bid
for and win external funding, which maximises the Council’s investment. This is
the preferred option as it allows our committee to contribute
significantly to the Council’s budget position, without
stopping important economic delivery services. Options in this
report and further ideas may be considered by Strategy and
Resources Committee with the EDS Committee, as the range of options
across all Committees are considered together.
 
In making
this recommendation, the intended outcome is to continue to deliver
services which are pivotal to economic development within the city
and support the wider regional economy,
and maximise our limited financial resource by working in
partnership and bringing in external funding.

 

 

11.4

Alternatives Considered and Rejected

 

 

11.4.1

Do not make any budget
savings
By undertaking none of the proposed actions, we
would be unable to contribute to delivering a balanced
budget.
 

11.4.2

Deliver Balanced
Budget
Make further savings by accepting the options,
currently rejected, by the Committee to stop / reduce non statutory
services.