Issue - meetings

To consider a report of the Cabinet Member for Finance & Resources        

The purpose of the report is to provide an update on the revenue budget forecast outturn for the period to the end of December 2023 (Quarter 3). The report also provides an update on the Dedicated Schools Grant, Housing Revenue Account (HRA), Collection Fund and updates to the Capital Programme.

The Cabinet is recommended to:-

(1) Note the cash limit and non-cash limit forecast outturn positions for 2023/24 as at Quarter 3

(2) Note the DSG, HRA and Collection Fund forecast outturn positions for 2023/24 as at Quarter 3;

(3) Note the update on Reserves;

(4) Note the forecast position for the 2023/24 Capital Programme;

(5) Note the changes to the Capital Programme and re-phasing of schemes during Quarter 3; and

(6) Note the 2023/24 Capital Programme Prudential Indicators.

Officer contact: Jonathan Davies on 0161 218 1025 or by email at 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 revenue budget forecast outturn for the period to the end of December 2023 (Quarter 30 which also provided an update on the Dedicated Schools Grant, Housing Revenue Account (HRA), Collection Fund and updates to the Capital Programme.

It was commented that the Council’s reserves position did not make the authority an outlier, but represented a healthy position that allowed the Council to weather troughs.

RESOLVED - (1) That the cash limit and non-cash limit forecast outturn positions for 2023/24 as at Quarter 3 be noted.

(2) That the DSG, HRA and Collection Fund forecast outturn positions for 2023/24 as at Quarter 3 be noted.

(3) That the update on Reserves be noted.

(4) That the forecast position for the 2023/24 Capital Programme be noted.

(5) That the changes to the Capital Programme and re-phasing of schemes during Quarter 3 be noted.

(6) That the 2023/24 Capital Programme Prudential Indicators be noted.

To consider a joint report of the Deputy Chief Executive (Section 151 Officer) and Cabinet Member for Finance & Resources.

The report provides an update on the revenue budget forecast outturn for the period to the end of December 2023 (Quarter 3). The report also provides an update on the council’s Dedicated Schools Grant, Housing Revenue Account (HRA), Collection Fund and Capital Programme.

The Scrutiny Committee is recommended to comment on and note the report.

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

The Deputy Chief Executive (Section 151 Officer) submitted report (copies of which had been circulated) providing an update on the revenue budget forecast outturn for the period to the end of December 2023 (Quarter 3). The report also provided an update on the council’s Dedicated Schools Grant, Housing Revenue Account (HRA), Collection Fund and Capital Programme.

The Cabinet Member for Finance & Resources (Councillor Jilly Julian) attended the meeting to respond to councillor’s questions.

The following comments were made/ issues raised:-

·         It was reported that there had been no unexpected additional costs at the end of the financial year. The council had exercised discipline in its financial management and the pressures faced during quarter 1 and quarter 2 had been mitigated throughout the year which led to the expectation that the council expected to be in line with the quarter 3 position.

·         It was further reported that the reserves position at the end of the financial year was healthy in comparison to other Greater Manchester authorities.

·         In relation to reserves, it was stated that risk was in spending reserves in a reactionary way in order to plug significant financial gaps. The reserves were held for specific reasons and earmarked for specific purposes including regeneration, vehicles and infrastructure investments. Reserve spending was planned, approved and used for intended purposes.

·         Members noted that there was a surplus in the communities budget and income pressures in other areas of council spending. In response it was stated that the 2024-25 budget was designed to ensure that there was no reliance on one-off variations. Whilst there was no guarantee that further financial pressures would not emerge in 2024-25, the budget was designed to take account of pressures such as inflation and income risk.

RESOLVED – That the report be noted.