Issue - meetings

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

This report deals with the forecast Collection Fund outturn position for 2024/25, the setting of the Council Tax Taxbase for 2025/26 and also presents a forecast for Business Rates income expected in 2025/26.These items form an integral and important part of the Council’s budget setting and MTFP process

(1) The Cabinet is recommended to:-

(i)         Declare a provisional forecast outturn Collection Fund surplus of £0.461m in 2024/25 relating to a Council Tax deficit of £0.531m and Business Rates surplus of £0.992m subject to the delegations below;

(ii)        Declare a provisional forecast outturn Collection Fund surplus to be appropriated to the Council’s General Fund in 2025/26 of £0.535m relating to a Council Tax deficit of £0.447m and Business Rates surplus of £0.982m subject to the delegations below;

(iii)       Approve the use of the declared surplus to support the Council’s 2025/26 Budget and MTFP;

(iv)      Note the proposal for the Council Tax Discretionary Hardship Fund as set out in the Council Tax and Business Rates Discounts Annual Review report as per paragraph 3.4;

(v)       Note the 2025/26 Council Tax Taxbase for budget setting purposes of 99,399.6 Band D equivalent dwellings. The Council’s final 2025/26 Council Tax Taxbase will be presented for approval to the Council meeting on 16 January 2025;

(vi)      Note the 2025/26 Business Rates budget forecast subject to the completion of the NNDR1 (Business Rates budget) to be submitted to Government by 31 January 2025; and

(vii)     Note that the indicative Collection Fund resources identified are to be reviewed through the MTFP and 2024/25 budget setting processes following the Provisional Local Government Finance Settlement in December.

(2) The Cabinet is recommended to delegate the following decisions to the Deputy Chief Executive in consultation with the Cabinet Member for Finance and Resources:-

(i)         The decision to change the provisional 2024/25 Collection Fund forecast outturn position prior to declaring the position on 31 January 2025 as required by legislation;

(ii)        The decision to continue in the Greater Manchester Business Rates pooling arrangement; and

(iii)       The decision to vary the Business Rates forecast presented in Table 7 linked to the submission of the NNDR1 (Business Rates budget) to Government.

Officer contact: Elaine Carrington or Lisa Joy by email at elaine.carrington@stockport.gov.uk or lisa.joy@stockport.gov.uk