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)