Issue - meetings

To consider a joint report of the Leader of the Council and Cabinet Member for Finance & Resources.

The Cabinet Member for Finance & Resources (Councillor Jilly Julian) submitted a report (copies of which had been circulated) providing an update on the council’s 2024/25 to 2027/28 Medium-Term Financial Plan forecasts and assumptions as part of setting a robust and resilient budget and financial plan for the council.

RESOLVED – That the Medium-Term Financial Plan forecasts for the council’s finances for the period 2024/25 to 2027/28 be noted.

The purpose of the report is to update 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 for the Council.

The Cabinet is recommended to:

(1) Note the details of the 2024/25 Provisional Local Government Finance Settlement;

(20 Note, and comment upon as appropriate, the financial forecasts and assumptions for 2024/25 to 2027/28;

(3) Note and approve 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) Approve the allocation of £16.543m of the corporate contingency budgets to Cash Limit budgets as part of the budget setting process;

(5) Note 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; and  

(6) 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.

Officer contact: Jonathan Davies on  0161 218 1025 or email: jonathan.davies@stockport.gov.uk

The Cabinet Member for Finance & Resources (Councillor Jilly Julian) submitted a report (copies of which had been circulated) providing 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.

RESOLVED - (1) That the details of the 2024/25 Provisional Local Government Finance Settlement be noted.

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

(3) That approval be given to 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) That approval be given to the allocation of £16.543m of the corporate contingency budgets to Cash Limit budgets as part of the budget setting process.

(5) That 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, be noted.

(6) That approval be given 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.