Issue - meetings

To consider a report of the Borough Treasurer.

The Leader of the Council and Cabinet Member for Policy, Finance & Devolution (Councillor Alex Ganotis) submitted a report (copies of which had been circulated) providing an update the Council’s 2019/20 to 2022/23 Medium Term Financial Plan forecasts and assumptions taking account of local and national changes.

RESOLVED - That the Medium Term Financial Plan forecasts for the Council’s finances for the period 2019/20 to 2022/23 be noted.

To consider a report of the Leader of the Council and Cabinet Member for Policy, Finance & Devolution.

Following the announcement of the 2019/20 Provisional Local Government Finance Settlement in December 2018, this report updates the Council’s 2019/20 to 2022/23 Medium Term Financial Plan (MTFP) forecasts and assumptions.

The report will inform the Cabinet of local and national changes impacting on the Council’s MTFP and make recommendations for the setting of a balanced and sustainable budget for 2019/20 and a longer term forecast budget position up to 2022/23.

The report asks that the Cabinet consider a number of proposals in setting the Council’s 2019/20 Budget and MTFP.

The Cabinet is recommended to:

·           Note the details of the 2019/20 Provisional Local Government Finance Settlement and its impact on the MTFP forecasts and assumptions presented in this report;

·           Note, and comment upon as appropriate, the financial forecasts for 2019/20 to 2022/23, and the key issues to be addressed in formulating a response to the financial challenges facing the Council;

·           Note and approve the indicative budget adjustments presented in this report resulting in available resources of £2.102m in 2019/20 and the revised MTFP;

·           Consider and decide upon the options to be taken to allocate the £2.102m available resources to set a balanced budget for 2019/20;

·           Approve the allocation of corporate contingency budgets as part of the 2019/20 budget setting process;

·           Consider the use of the one-off available resources to support the Council’s investment decisions, MTFP and Reserves Policy; and

·           Approve the use of £0.500m of one-off available resources to support the funding of continuing expenditure pressures of Stockport Together new models of care.

Officer contact: Jonathan Davies, 0161 218 1025, jonathan.davies@stockport.gov.uk

The Leader of the Council and Cabinet Member for Policy, Finance & Devolution submitted a report (copies of which had been circulated) updating the Cabinet on the forecasts for the Council’s finances for the period 2019/20 to 2022/23 following the provisional Local Government Finance Settlement announced in December 2018.

The Leader of the Council provided an overview of the report, emphasising:

·         the prudence of the approach adopted through the summer review of the Medium Term Financial Plan (MTFP) assumptions and the identification of additional resources and pressures;

·         recent announcements on the final Local Government Finance Settlement, including additional one-off resources for adults and children’s services;

·         confirmation from Government on the permissible increases in Council Tax, adult social care and police precepts, and on the continuation of the New Homes funding;

·         projections for Business Rates income and the impact of a maximum Council Tax increase;

·         projections for outturn positions at year-end and possible uses for these resources, including support for SEND investment and Merseyway (emphasising that such investment would not be the detriment of funding for services);

·         proposed extra resources to address pressures in adults and children’s services; double running of services where reform activity was taking place; enhancing asset and estate management functions; pressure on public realm activity;

·         welcomed support from all political groups for the continuing work to establish a Mayoral Development Corporation for Town Centre West;

·         disappointment that there had been no further announcements in relation to long-term local government funding nor the much anticipated green paper on adult social care.

RESOLVED – That in relation to the Medium Term Financial Plan - Financial Landscapes and Forecast 2019/20 to 2022/23:-

·         the details of the 2019/20 Provisional Local Government Finance Settlement and its impact on the MTFP forecasts and assumptions set out in the report be noted;

·         the financial forecasts for 2019/20 to 2022/23, and the key issues to be addressed in formulating a response to the financial challenges facing the Council be noted;

·         the indicative budget adjustments set out in the report resulting in available resources of £2.102m in 2019/20 and the revised MTFP be noted and approved;

·         the allocation of corporate contingency budgets as part of the 2019/20 budget setting process be approved;

·         the use of one-off available resources to support the Council’s investment decisions, MTFP and Reserves Policy be supported; and

·         the use of £0.500m of one-off available resources to support the funding of continuing expenditure pressures of Stockport Together new models of care be approved.