Decision Maker: Executive

Outcome: For Determination

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: January 22, 2025

Purpose: This report will provide an update on the 2025/26 budget setting process and MTFS and will include key estimates for the MTFS and the latest progress on Tranche 3 savings proposals.

Content: Resolved –   (1)           That the Medium-Term Financial Strategy for 2025/26 to 2029/30 and the base case deficit and recovery period be approved;   (2)           That it be agreed that revenue savings of £50m per annum be actioned each year from 2026/27 to 2029/30;   (3)           That it be agreed that a target for capital receipts of £150m be set by 31/3/28;   (4)           That it be agreed that the capital programme be subject to continuous reviews and reductions where costs are funded from general fund borrowing;   (5)           That the continuous review of the financial management practises currently being undertaken be agreed;   (6)           That the progress on the finance restructure be noted and the approach to this be supported;   (7)           That the continued spending panel and related processes be agreed until such time as the Council can evidence a sustainable financial position;   (8)           That the current work on the DSG, and the likely Council forecast for this be noted and that it be agreed that further work be undertaken;   (9)           That the previously reported Improvement Plan be noted;   (10)        That it be noted that the Leader submitted to MHCLG, as a matter of urgency to meet the Government deadline, three Council tax increases 9.99%, 12.99% and 14.99% for agreement as part of the Council’s request for bespoke referendum principles.   (11)        That it be noted that an updated CD request taking account of items including NNDR1 and the final Local Government Finance Settlement will be submitted to MHCLG and reported to Executive and Council in March 2025 as part of the 2025/26 budget report.   To be actioned by: Director of Finance   Overview and Scrutiny Area: Corporate   (Steven Mair – steven.mair@bradford.gov.uk)