Decision details

2024/25 Cabinet Revenue Budget

Decision Maker: Council Meeting

Decision status: Recommendations approved

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 Council Meeting has:

 

(1) Approved the Budget for 2024/25 described in the report and set out in Appendices 2 and 3.

 

(2) Approved the use of 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) Noted 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) Approved the required Council General Fund Balance to reflect the Deputy Chief Executive and Section 151 Officer’s assessment of risks.

 

(5) Noted and approved 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) Agreed that the appropriate Council Tax resolutions be passed 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.

 

Subject to:-

 

·         undertaking a full assessment, with due regard to the Socio-Economic Duty, of the saving proposals for libraries (no financial impact); 

·         undertaking a full assessment, with due regard to the Socio-Economic Duty, of the savings proposals for parking (no financial impact);

·         investing an additional £160,000 into drainage cleaning with a view this could be used to purchase a new gully cleaner. This is to be funded out of the council’s Invest to Save reserve (cost: £160,000); and

·         undertaking a full, independent review that will help determine the right model for managing Stockport’s housing stock, given the legislative and regulatory changes that have taken place and the financial position the council is in. This includes considering whether the existing ALMO model – Stockport Homes – continues to be the right one for Stockport, its tenants and residents. This is to be funded out of the council’s Invest to Save reserve (cost: £100,000). 

Alternative options considered:

To approve the budget as originally proposed.

Interests and Nature of Interests Declared:

Councillor Aron Thornley declared a personal interest as Director of Marple Youth Project which receives funding from the council.

Reason Key: Policy Framework & Budget;

Equality and/or Environmental Impact Assessment: Considered as part of the report

Decision Reference: CMD237

Declarations or conflicts of Interest: Councillor Aron Thornley declared a personal interest as Director of Marple Youth Project which receives funding from the council.

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: 26/02/2024

Date of decision: 22/02/2024

Decided at meeting: 22/02/2024 - Council Meeting

Accompanying Documents: