Decision details
Part C: 2024/25 Cabinet Revenue Budget (F&R27)
PDF 212 KBDecision Maker: Cabinet
Is Key decision?: Yes
Is subject to call in?: No
Purpose:
The purpose of the report is to present the
proposed 2024/25 Cabinet Revenue Budget for approval. The report
outlines the Council’s financial outlook and significant
challenges across the medium term period 2024/25 to 2025/26. The
report highlights the overarching priorities and desired outcomes
upon which the Cabinet has based its budget proposals, and which
form the basis of our Borough Plan and updated Council Plan
included elsewhere on this agenda. We continue to shape our budget
within an incredibly uncertain, volatile and complex environment
which includes pressures across public services as well as the
increasing need within our communities.
Decision:
The Cabinet considered its proposed 2024/25 Revenue Budget outlining the Council’s strategic approach to responding to the significant medium-term financial pressures whilst ensuring a sustainable and stable financial position to deliver our overarching priorities and desired outcomes, and recommended to the Council Meeting that it:-
(1) Approve the Budget for 2024/25 described in the report and set out in Appendix 2 and 3.
(2) Approve the cabinet’s use of any available one-off resources to support the positive investment detailed in Section 6 subject to the council’s 2023/24 outturn position and the 2024/25 Final Settlement.
(3) Note the risk assessment of the 2024/25 Budget at Appendix 5 and the report of the Deputy Chief Executive and Section 151 Officer on the adequacy of proposed financial reserves and robustness of the estimates also included at Appendix 5.
(4) Approve the required Council General Fund Balance to reflect the Deputy Chief Executive and Section 151 Officer’s assessment of risks.
(5) Note, comment upon, and approve the financial forecasts and assumptions for 2024/25 to 2027/28 at Appendix 6, and the key issues to be addressed in formulating a response to the future financial challenges facing the council.
(6) Pass the appropriate Council Tax resolutions which produce a Council Tax increase of 4.99% in 2024/25 (2.99% General increase, 2% Adult Social Care Precept increase) as illustrated in Appendix 7.
Alternative options considered:
None.
Interests and Nature of Interests Declared:
None.
Reason Key: Policy Framework & Budget;
Equality and/or Environmental Impact Assessment: Considered as part of the report
Decision Reference: CAB443
Declarations or conflicts of Interest: None.
Forward Plan Reference: F&R27
Other reasons / organisations consulted
As part of the 2024/25 budget setting
process
Contact: Jonathan Davies, Corporate and Support Services Email: jonathan.davies@stockport.gov.uk Tel: 218 1025, Lisa Joy, Corporate and Support Services Email: lisa.joy@stockport.gov.uk Tel: 0161 474 4044.
Report author: Michael Shields
Publication date: 31/01/2024
Date of decision: 30/01/2024
Decided at meeting: 30/01/2024 - Cabinet
Accompanying Documents: