Issue - meetings

To consider a report of the Executive Councillor (Corporate, Customer & Community Services).

The Executive Councillor (Corporate, Customer & Community Services) (Councillor Mark Weldon) submitted a report (copies of which had been circulated) providing an update on the Medium Term Financial Plan forecasts for the Council’s finances for the period 2014/15 to 2016/17 taking account of the 2014/15 and 2015/16 Local Government Finance settlement published on 5 February 2014 and other information that had become available in previous weeks.

RESOLVED – (58 for) That the updated forecasts for the Council’s finances for the period 2014/15 to 2016/17 taking account of the 2014/15 and 2015/16 Local Government Finance Settlement published on 5 February 2014 be noted.

To consider a report of the Executive Councillor (Corporate, Customer & Community Services)

Following the announcement of the 2014/15 and 2015/16 local government finance settlement on 18 December 2013, this report updates the forecasts for the Council’s finances for the period 2014/15 to 2016/17 taking as its starting point the position set out in the previous report considered by the Executive at its meeting on 17 December 2013.

The report will inform the development of a balanced and sustainable budget for 2014/15 and a longer term forecast moving into the next Comprehensive Spending Review period up to 2016/17.

At this stage the best estimate of the reductions necessary to bring forecast spending down to match likely resource levels suggests that further budget proposals of around £0.879m are required for 2014/15 and that the cumulative on-going savings requirement will be £23.186m for 2015/16 and £40.984m for 2016/17.

The Executive is recommended to:

·         note the details of the 2014/15 and 2015/16 local government finance settlement, in particular, the authority’s Settlement Funding Assessment figures;

·         note, and comment upon as appropriate, the financial forecasts for 2014/15 to 2016/17, and the key issues to be addressed in formulating a response to the financial challenges facing the Council;

·         approve the indicative budget adjustments as set out in Section 4 of the report;

·         note the indicative cumulative savings requirement for 2014/15 of £0.879m, £23.186m for 2015/16 and £40.984m for 2016/17.

(Note: this decision is exempt from call-in)

Officer contact: Andrew Moran, 0161 474 4086, andrew.moran@stockport.gov.uk

The Executive Councillor (Corporate, Customer & Community Services) submitted a report (copies of which had been circulated) updating the Executive Meeting on forecasts for the Council’s finances for the period 2014/15 to 2016/17 following the announcement of the 2014/15 and 2015/16 local government finance settlement on 18 December 2013. The report would inform the development of a balanced and sustainable budget for 2014/15 and a longer term forecast moving into the next Comprehensive Spending Review period up to 2016/17.

The Executive Councillor (Corporate, Customer & Community Services) reported that since publication of the report the Government had published the final settlement for 2014/15 that included around £12,000 of additional Revenue Support Grant for the Council. This would mean that the indicative cumulative savings requirement for 2014/15 would reduce from £0.879m to £0.867m, but would remain at £23.186m for 2015/16 and £40.984m for 2016/17.

RESOLVED - That

•   the details of the 2014/15 and 2015/16 local government finance settlement, in particular, the authority’s Settlement Funding Assessment figures be noted;

•   the financial forecasts for 2014/15 to 2016/17, and the key issues to be addressed in formulating a response to the financial challenges facing the Council be noted;

•   the indicative budget adjustments as set out in Section 4 of the report be approved; and,

•   the indicative cumulative savings requirement for 2014/15 of £0.867m (revised), £23.186m for 2015/16 and £40.984m for 2016/17 be noted.