Decision details

The Chief Officer (Financial Services) submitted a report presenting the Council’s updated Medium Term Financial Strategy which had been extended to cover the five year period 2020/21 – 2024/25 for the Board’s approval.

Responding to a Member’s enquiry, the Board noted that the capital programme was an area that would continue to be monitored and robustly reviewed. Members welcomed the clear presentation in the report of the current position regarding the Minimum Revenue Provision (MRP). Also, it was noted that the approach being taken in regard to the MRP had been previously agreed at full Council, and in response to a Member, it was highlighted that the effective management of the Council’s assets was a key consideration, including any assets deemed to be surplus.

Members also highlighted the importance of the Leeds’ Housing Infrastructure Fund (HIF) bid, and the significant impact that a successful bid would have upon the city.

Responding to a Member’s comments, the Board was advised that the Council would continue to liaise with, and make representations to Government on key issues, such as looking to gain the latest information on funding opportunities and policy, whilst further detail on the Local Government Funding Settlement was awaited.

RESOLVED –

(a)  That the 2020/21 – 2024/25 Medium Term Financial Strategy for both General Fund services and the Housing Revenue Account, as detailed within the submitted report, be approved;

(b)  That it be noted that the budget saving proposals to address the estimated budget gaps will be brought to Executive Board in advance of the Initial Budget Proposals to be received by Executive Board in December 2019;

(c)  That it be noted that the Chief Officer (Financial Services) will be responsible for the implementation of the resolutions arising from the submitted report;

(d)  That the adoption of the revenue and capital principles, as set out in Annex 1 to the submitted report, which must be complied with in respect of the arrangements for the financial management of both the Revenue budget and the Capital Programme, be approved.