Issue - meetings

The Cabinet considered a report of the Director of Corporate Resources regarding the proposed Medium Term Financial Strategy for 2023/24 to 2026/27.  A copy of the report, marked ‘Agenda Item 4’, and a supplementary report with the detailed proposals, which was circulated separately, are filed with these minutes.

Mr. Breckon CC commented on the national context and the Authority’s worsening financial position.  He thanked Leicestershire MPs for their support for the Council’s fairer funding campaign. 

RESOLVED:

a)    That the proposed Medium Term Financial Strategy (MTFS), including the 2023/24 revenue budget and capital programme, be approved for consultation and referred to the Overview and Scrutiny Committees and the Scrutiny Commission for consideration;

b)    That the Director of Corporate Resources, following consultation with the Cabinet Lead Member for Resources, be authorised to -

i.               agree a response to the draft Local Government Finance Settlement;

ii.              decide on the appropriate course of action with regard to the Leicester and Leicestershire Business Rates Pool in 2023/24 and subject to agreement by all member authorities, to implement this;

c)    That each Chief Officer in consultation with the Director of Corporate Resources and following consultation with the relevant Lead Member(s), undertake preparatory work as considered appropriate to develop the savings set out in the draft MTFS, including preparing for consultation, to enable the Cabinet and Council to consider further those savings to be taken forward as part of the MTFS and implemented in a timely manner;

d)    That a further report be submitted to the Cabinet on 10 February 2023.

(KEY DECISION)

REASONS FOR DECISION:

To enable the Council to meet its statutory requirements with respect to setting a balanced budget and Council Tax precept for 2023/24 and to provide a basis for the planning of services over the next four years.

To ensure that the Council’s views on the Local Government Finance Settlement are made known to the Government.

To enable the Council (alongside the pooling partners) to respond to the Department for Levelling Up, Housing and Communities in respect of the Business Rates Pool within 28 days from the draft Local Government Finance Settlement.

To enable early work to be undertaken on the development of new savings to address the worsening financial position.

Feedback from consultation on the draft MTFS and the views of the Overview and Scrutiny bodies will be considered by the Cabinet before final recommendations are made to the Council.