Agenda item

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.

11.1.1

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.

11.1.2

During consideration of this item of business, and in order for Members of the

Committee to ask questions of the report, it was

RESOLVED: That the public and press be excluded from the meeting and the webcast be paused before further discussion takes place on the grounds that, in view of the nature of the business to be transacted, if those persons were present, there would be a disclosure to them of exempt information as described in paragraph 3 of Schedule 12A to the Local Government Act 1972, as amended.

The meeting was re-opened to the public and press, and the webcast was

recommenced, prior to the decision being taken by the Committee

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.