Decision details

Medium Term Financial Plan - Financial Landscapes and Forecast 2016/17 to 2020/21 (Update following the Local Government Finance Settlement) (Non-Key)

Decision Maker: Executive

Decision status: Recommendations approved

Is Key decision?: No

Is subject to call in?: No

Purpose:

The purpose of this report is to update the medium term financial plan (MTFP) forecasts for the Council’s finances for the period 2016/17 to 2020/21 taking account of the 2016/17 provisional local government finance settlement published on 17 December 2015. This report takes as its starting point the position set out in both the MTFP forecast and the ‘Investing in Stockport Programme: Executive Proposals’ reports considered by the Executive at its meeting on 16 December 2015.

Decision:

The Executive considered the Medium Term Financial Plan financial landscapes and forecasts for 2016/17 to 2020/21 and updated Local Government Finance Settlement figures and agreed that:-

 

·         the details of the 2016/17 local government finance settlement and its impact on the forecasts presented in this report be noted;

 

·         the financial forecasts for 2016/17 to 2020/21, 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 5.3 of the report be approved;

 

·         the savings requirement for 2016/17 of £1.315m and the indicative cumulative savings requirement of £18m for 2017/18, £35m for 2018/19, £47m for 2019/20 and £61m for 2020/21 be noted;

 

·         the final steps necessary to propose a balanced budget for 2016/17 and an updated Medium Term Financial Plan for presentation to the Budget Council meeting on 3 March 2016 continue to be taken.

 

Alternative options considered:

None

Equality and/or Environmental Impact Assessment: Not applicable

Decision Reference: ED1795

Declarations or conflicts of Interest: None

Other reasons / organisations consulted

The report has been produced following consultation with relevant officers and members. The implementation of the medium term financial plan and budget proposals continues to be the subject of close monitoring and wide ranging consultation.

Contact: Steve Houston, Corporate Director for Corporate and Support Services Email: steve.houston@stockport.gov.uk Tel: 0161-474-4000.

Report author: Andy Moran

Publication date: 17/02/2016

Date of decision: 16/02/2016

Decided at meeting: 16/02/2016 - Executive

Accompanying Documents: