Issue - meetings

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

Part B outlines the Cabinet’s response to addressing the uncertainty, volatility and risk outlined within the review of the MTFP. The Cabinet’s focus is on delivering impactful and outcomes-focused transformational change for communities and businesses across Stockport. A resilient and robust budget is key to this.

Our evolving strategy to address the medium term budget challenges are focused around budget adjustments, local taxation considerations, the use of reserves and change proposals. Our focus on redesigning services to support residents to reduce reliance on long term services, ensuring our commissioning and procurement process is offering effective value for money, reviewing staffing and non-staffing spend alongside service reviews to automate processes and increase self service account for our change proposals that support the budget challenges.

The report provides an overview of the approach the Cabinet will be taking to respond to the financial impact identified in the Part A report. This will involve careful consideration of a series of budget options and some difficult decisions to ensure that the Council continues to have a balanced budget. Delivering a longer term transformation programme alongside more immediate financial decisions will be key to its success.

The Cabinet is recommended to:-

(1) Note the approach and endorse the next steps, including agreeing to share with scrutiny, for comment, the proposals which support a resilient and sustainable MTFP; and

(2) Support the ongoing development of our MTFP response and transformation programme.

Officer contact: Gill Lawton on  0161 474 3686 or email: gill.lawton@stockport.gov.uk

The Leader of the Council (Councillor Mark Hutner) and the Cabinet Member for Finance & Resources (Councillor Jilly Julian) submitted a joint report (copies of which had been circulated) outlining the Cabinet’s proposed response to addressing the uncertainty, volatility and risk outlined within the review of the Medium Term Financial Plan (MTFP) with a focus on delivering impactful and outcomes-focused transformational change for communities and businesses across Stockport. 

The report further provided an overview of the approach the Cabinet will be taking to respond to the financial impact identified in the Part A report which would involve careful consideration of a series of budget options and some difficult decisions to ensure that the Council continued to have a balanced budget.

The following comments were made/ issues raised:-

·         The Council had a reputation for sound financial management.

·         However, it was noted that the financial challenges that the council currently faced had never been as pronounced as they were at the moment.

·         It was stated that all investments made by the council were prudent and all borrowing was affordable and sustainable.

·         The Council remained financially resilient and robust and focused on meeting the current challenges as well as delivering its ambitions for borough at large.

·         It was stated that the difficulties in providing a balanced budget were not underestimated, but that the Cabinet would not shy away from making difficult decisions to achieve this outcome.

RESOLVED – That in relation to the Cabinet response to the Medium Term Financial Plan, the Cabinet has:-

(1) Noted the approach and endorsed the next steps, including agreeing to share with scrutiny, for comment, the proposals which support a resilient and sustainable MTFP; and

(2) Supported the ongoing development of our MTFP response and transformation programme.