Decision details

Part B: Medium Term Financial Plan – Financial Landscape and Forecasts 2024/25 to 2026/27 (F&R22)

Decision Maker: Cabinet

Decision status: For Determination

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

The Council's Medium Term Financial Plan (MTFP) forecasts and assumptions for 2024/25 to 2026/27 as part of setting a robust and resilient budget and financial plan to meet the unprecedented uncertainty, volatility and risk within the financial landscape. This report builds on those updates considering any further national and local changes impacting on the 2024/25 Budget and MTFP.

Decision:

The Cabinet has considered an update on the Council’s 2024/25 to 2027/28 Medium Term Financial Plan (MTFP) forecasts and assumptions as part of setting a robust and resilient budget and financial plan to meet the unprecedented uncertainty, volatility, and risk within the financial landscape, and has:-

 

(1) Noted the details of the 2024/25 Provisional Local Government Finance Settlement.

 

(2) Noted the financial forecasts and assumptions for 2024/25 to 2027/28.

 

(3) Noted and approved the indicative budget adjustments since the MTFP Update presented to the Cabinet meeting on 19 September resulting in savings requirement of £5.655m in 2024/25.

 

(4) Approved the allocation of £16.543m of the corporate contingency budgets to Cash Limit budgets as part of the budget setting process.

 

(5) Noted the Section 151 Officer’s recommendation to hold the Council’s General Fund Balance at its current level £15.183m in 2024/25 aligned to his risk assessment of the budget and the adequacy of reserves and balances to support the Council’s 2024/25 Budget.

 

(6) Agreed to take the necessary steps to propose a final balanced 2024/25 Budget including any proposed Council Tax increase to be recommended for approval at the Council meeting on 22 February 2024.

Alternative options considered:

None.

Interests and Nature of Interests Declared:

None.

Reason Key: Significant expenditure or savings;

Wards Affected: (All Wards);

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

Decision Reference: CAB442

Declarations or conflicts of Interest: None.

Forward Plan Reference: F&R22

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.

Report author: Jonathan Davies

Publication date: 31/01/2024

Date of decision: 30/01/2024

Decided at meeting: 30/01/2024 - Cabinet

Effective from: 07/02/2024

Accompanying Documents: