Issue - meetings

To consider a report of the Executive Councillor (Support & Governance)

This report presents the forecasts for the Council’s finances for the period 2016/17 to 2020/21 taking as its starting point the position set out in the budget reports considered at the Executive Meeting on 18 August 2015.

The report will inform:

•     The deliberations around priorities and outcomes for next and future years’ Council Plans;

•     The preparation of medium term business plans covering all of the Council’s services; and

•     The development of a balanced and sustainable budget for 2016/17 and a longer term forecast up to 2020/21.

The forecasts have been updated and reflect a review of underlying assumptions as well as policy announcements made in the recent spending review and autumn statement.

At this stage, it is estimated that £5m of resources could be available on a one-off basis to support the implementation of the current savings plan.  The indicative cumulative savings requirement for 2017/18 is forecast to be £13.1m, £30.1m for 2018/19 rising to £58.5m by 2020/21.

The Executive is recommended to:

·      Note the recent results of the Comprehensive Spending Review set out in section 2 and their potential impact on spending and the forthcoming local government finance settlement;

·      Note, and comment upon as appropriate, the financial forecasts for 2016/17 to 2020/21, and the key issues to be addressed in formulating a response to the financial challenges facing the Council;

·      Approve the adjustments to the medium term financial plan set out in the tables at paragraphs 3.2 and 4.2;

·      Note the forecast of one-off available resources of c£5m to support the Investing in Stockport Programme and the indicative cumulative savings requirement for 2017/18 of £13.1m, £30.1m for 2018/19 rising to £58.5m by 2020/21 along with the sensitivity analysis included at Appendices One and Three;

·      Take the steps necessary to ensure a balanced budget for 2016/17 and an updated Medium Term Financial Plan is presented to the Budget Council meeting on 3 March 2016.

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

RESOLVED – That in relation to the Medium Term Financial Plan – Financial Landscape and Forecast 2016/17 to 2020/21 report

·                the recent results of the Comprehensive Spending Review set out in section 2 of the report and their potential impact on spending and the forthcoming local government finance settlement be noted;

·                the financial forecasts for 2016/17 to 2020/21, and the key issues to be addressed in formulating a response to the financial challenges facing the Council be noted;

·                the adjustments to the Medium Term Financial Plan set out in the tables at paragraphs 3.2 and 4.2 of the report be approved;

·                the forecast of one-off available resources of c£5m to support the Investing in Stockport Programme and the indicative cumulative savings requirement for 2017/18 of £13.1m, £30.1m for 2018/19 rising to £58.5m by 2020/21 along with the sensitivity analysis included at Appendices One and Three of the report be approved;

·                the Corporate Leadership Team continue to take the steps necessary to ensure a balanced budget for 2016/17 and an updated Medium Term Financial Plan be presented to the Budget Council meeting on 3 March 2016.