Issue - meetings

To consider a report of the Executive Councillor (Finance)

The report outlines the prospects for the Council’s finances for the medium term taking the 2011/12 revenue budget as its starting point and including forecasts for 2012/13 to 2014/15. The report is intended to provide the Executive with a starting point to inform:-

The report provides Members with a starting point which will inform:

·         The deliberations around priorities and outcomes for the update of the Council Plan;

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

·         The development of a balanced and sustainable budget for 2012/13, and an updated Medium Term Financial Plan through to 2014/15

The Executive is recommended to:-

·         Note the position for the current year 2011/12 and that a detailed half year monitoring report will be submitted to the Executive Meeting of 7 November 2011;

·         Note, and comment upon as appropriate, the range of financial forecasts for 2013/13 to 2014/15, and the key issues to be addressed in formulating a response to the financial challenges facing the Council;

·         Approve the 2012/13 starting point set out in Appendix One and agree the adjustments and the resultant indicative spending plan as set out in Appendix Three;

·         Note the indicative savings requirement for 2012/13 of £13.521m as disclosed in Appendix Five;

·         Request that Executive Councillors and Corporate Directors develop spending plans and savings proposals (including those arising from the Corporate Efficiency Plan) to meet the indicative savings requirement for 2012/13 and to report on progress;

·         Take the steps necessary to agree a final balanced budget proposal for 2012/13 and an updated Medium Term Financial Plan to 2014/15 for presentation to the Council meeting on 23 February 2012;

Officer contact: Steve Houston, 0161 474 4000, steve.houston@stockport.gov.uk

The Executive Councillor (Finance) submitted a report (copies of which had been circulated) providing the Executive Meeting with an outline of the prospects for the Council’s finances in the medium term to inform the deliberations around priorities and outcomes for the updated Council Plan, the preparation of the medium term business plans covering all of the Council’s services and the development of a balanced and sustainable budget for 2012/13 and an updated Medium Term Financial Plan to 2014/15.

RESOLVED – That

·         the position for the current year 2011/12 be noted and that a detailed half year monitoring report be submitted to the Executive Meeting of 7 November 2011;

·         the financial forecasts for 2013/13 to 2014/15, and the key issues to be addressed in formulating a response to the financial challenges facing the Council be noted;

·         the 2012/13 starting point set out in Appendix One be approved and the adjustments and the resultant indicative spending plan as set out in Appendix Three be agreed;

·         the indicative savings requirement for 2012/13 of £13.521m as disclosed in Appendix Five be noted;

·         Executive Councillors and Corporate Directors be requested to develop spending plans and savings proposals (including those arising from the Corporate Efficiency Plan) to meet the indicative savings requirement for 2012/13 and to report on progress to a future meeting, and

·         approval be given to take the steps necessary to agree a final balanced budget proposal for 2012/13 and an updated Medium Term Financial Plan to 2014/15 for presentation to the Council meeting on 23 February 2012.