Issue - meetings

To consider a report of the Leader of the Council (Policy, Reform & Finance)

Following the announcement of the 2013/14 final local government finance settlement and 2014/15 revised provisional settlement on 4 February 2013, this report updates the forecasts for the Council’s finances for the period 2013/14 to 2016/17 taking as its starting point the position set out in the previous report considered by the Executive at its meeting on 7 January 2013.

The report will inform the development of a balanced and sustainable budget for 2013/14, an updated Medium Term Financial Plan through to 2014/15 and a longer term forecast moving into the next Comprehensive Spending Review period up to 2016/17.

At this stage the best estimate of the reductions necessary to bring forecast spending down to match likely resource levels suggests that, in addition to the package of savings approved in December, further budget reductions of around £4.716m are required for 2013/14 and that the cumulative on-going savings requirement to 2014/15 will amount to some £14.598m.

The Executive is recommended to:

·         Note the details of the 2013/14 final local government finance settlement and 2014/15 provisional settlement, in particular, the authority’s Start-Up Funding Allocation and Business Rates Baseline figures;

·         Note, and comment upon as appropriate, the financial forecasts for 2013/14 to 2016/17, and the key issues to be addressed in formulating a response to the financial challenges facing the Council;

·         Approve the indicative budget adjustments as set out at paragraph 6.3;

·         Bring forward proposals to either allocate or earmark previously unknown / uncommitted resources in relation to:

·         NHS funding to support social care and benefit health;

·         Public Health Grant;

·         New Homes Bonus.

·         Note the indicative cumulative savings requirement for 2013/14 of £4.716m and £14.598m for 2014/15 and the ‘post CSR’ forecasts to 2016/17.

The Leader of the Council (Policy, Reform & Finance) submitted a report (copies of which had been circulated) updating the Executive Meeting on the forecasts for the Council’s finances for the period 2013/14 to 2016/17 taking as its starting point the position set out in the previous report considered by the Executive at its meeting on 7 January 2013. The report had been revised following the announcement of the 2013/14 final local government finance settlement and 2014/15 revised provisional settlement on 4 February 2013.

The information contained in the report had informed the development of a balanced and sustainable budget for 2013/14, an updated Medium Term Financial Plan through to 2014/15 and a longer term forecast moving into the next Comprehensive Spending Review period up to 2016/17. At this stage the best estimate of the reductions necessary to bring forecast spending down to match likely resource levels suggests that, in addition to the package of savings approved in December 2012, further budget reductions of approximately £4.716m were required for 2013/14 and that the cumulative on-going savings requirement to 2014/15 would amount to approximately £14.598m.

RESOLVED – That

·           the details of the 2013/14 final local government finance settlement and 2014/15 provisional settlement, in particular, the authority’s Start-Up Funding Allocation and Business Rates Baseline figures be noted;

·           the financial forecasts for 2013/14 to 2016/17, and the key issues to be addressed in formulating a response to the financial challenges facing the Council be noted;

·           the indicative budget adjustments as set out at paragraph 6.3 be approved;

·           proposals to either allocate or earmark previously unknown / uncommitted resources be brought forward in relation to:

·         NHS funding to support social care and benefit health;

·         Public Health Grant;

·         New Homes Bonus; and

·           the indicative cumulative savings requirement for 2013/14 of £4.716m and £14.598m for 2014/15 and the ‘post CSR’ forecasts to 2016/17 be noted.

To consider a report of the Leader of the Council (Policy, Reform & Finance)

Officer contact: Steve Houston, 0161 474 4000, steve.houston@stockport.gov.uk

The Leader of the Council (Policy, Reform & Finance) submitted a report (copies of which had been circulated) updating the Executive Meeting on the forecasts for the Council’s finances for the period 2013/14 to 2016/17 taking account of the provisional local government finance settlement published on 19 December 2012. The report updated the information submitted to the Executive Meeting on 17 December 2012.

RESOLVED – That

·         the details of the provisional local government finance settlement, in particular the Authority’s Start-Up Funding Allocation and Business Rates Baseline figures be noted;

·         the financial forecast for 2013/14 to 2016/17, and the key issues to be addressed in formulating a response to the financial challenges facing the Council be noted;

·         the indicative budget adjustments set out in paragraph 3.3 of the report be approved;

·         the indicative cumulative savings requirement for 2013/14 of £5.434m and £15.003m for 2014/15 in addition to the ‘post CSR’ forecasts to 2016/17 be noted;

·         the Executive Councillors and Corporate Directors be requested to continue to develop spending plans and savings proposals to meet the remaining indicative savings requirement for 2013/14 and to report on progress;

·         approval be given to taking the steps necessary to agree a final balanced budget proposal for 2013/14 and an updated Medium Term Financial Plan to 2014/15 for presentation to the Executive Meeting on 18 February 2013 and the Budget Council Meeting on 5 March 2013.