Issue - meetings

To consider a joint report of the Leader of the Council and Cabinet Member for Devolution and the Deputy Leader of the Council and Cabinet Member for Resources, Commissioning & Governance.

The purpose of the report is to finalise the Cabinet’s 2020/21 Revenue Budget and Capital Programme prior to presenting for approval to the Council meeting on 27 February 2020. It also outlines the Council’s financial outlook and challenges across the medium term period 2020/21 to 2022/23. The report highlights the overarching priorities and desired outcomes upon which the Cabinet has based its budget proposals, and which form the basis of the updated Council Plan included elsewhere on this agenda.

This report needs to be considered in conjunction with the Corporate Director – Corporate and Support Services Medium Term Financial Plan – Financial Landscape and Forecasts 2020/21 to 2022/23 report (MTFP Update report) presented elsewhere on this agenda. This report clearly sets out the forecasts and assumptions underpinning the Council’s MTFP and the budget challenges facing the Council over the medium term period. It highlights the uncertainty, volatility and complexity of the financial landscape particularly in relation Local Government funding which could have a significant impact on the Council’s financial position in the medium term.

This report also takes account of other reports that have been presented to previous Cabinet meetings and those presented elsewhere on this agenda including:

·         Medium Term Financial Plan – Update Following the 2020/21 Provisional Local Government Finance Settlement (presented to the Cabinet meeting on 6 January 2020);

·         MTFP Cabinet Response: Our Medium Term Strategy and an Update to Our Programme (presented to the Cabinet meeting on 6 January 2020);

·         Stockport Billing Area – 2020/21 Council Tax Taxbase and Non Domestic Rates Forecast (presented to the Cabinet meeting on 6 January 2020);

·         The Corporate Performance and Resources Final Update report for 2019/20;

·         The 2020/21 Treasury Management Strategy, Annual Investment Strategy and Minimum Revenue Provision Policy; and

·         The 2020/21 Capital Strategy.

The Cabinet is asked to recommend that the Council Meeting:

·         Agree the Budget for 2020/21 described in the report (subject to the consideration and allocation of the one-off available resources identified) and set out in Appendix 2 and 3;

·         Note the risk assessment of the Budget at Appendix 5 and the report of the Section 151 Officer on the adequacy of proposed financial reserves and robustness of the estimates included at Appendix 5;

·         Note and comment upon the financial forecasts for 2020/21 to 2022/23 (Appendix 6), and the key issues to be addressed in formulating a response to the future financial challenges facing the Council;

·         Approve the 2020/21 to 2022/23 Capital Programme and the funding arrangements as described in the report and set out at Appendix 7;

·         Approve the prudential indicators set out in Appendix 8; and

·         Pass the appropriate Council Tax resolutions which produce a Council Tax increase of 2.99% (0.99% General increase and 2% Adult Social Care Precept increase) as illustrated in Appendix 9.

Officer contact: Jonathan Davies on 0161 218 1025 or email:  jonathan.davies@stockport.gov.uk

The Deputy Leader of the Council and Cabinet Member for Resources, Commissioning and Governance submitted a report (copies of which had been circulated) inviting the Cabinet to consider its proposed 2020/21 Revenue Budget and Capital Programme investment plans, outlining the Council’s financial outlook and challenges across the medium term period 2020/21 – 2022/23.

RESOLVED – That in relation to the 2020/21 Revenue Budget and Capital Programme, the Council Meeting be recommended to:-

·         approve the Budget for 2020/21 described in the report (subject to the consideration and allocation of the one-off available resources identified) and set out in Appendix 2 and 3;

·         note the risk assessment of the Budget at Appendix 5 and the report of the Section 151 Officer on the adequacy of proposed financial reserves and robustness of the estimates included at Appendix 5;

·         note and comment upon the financial forecasts for 2020/21 to 2022/23 (Appendix 6), and the key issues to be addressed in formulating a response to the future financial challenges facing the Council;

·         approve the 2020/21 to 2022/23 Capital Programme and the funding arrangements as described in the report and set out at Appendix 7;

·         approve the prudential indicators set out in Appendix 8; and

·         pass the appropriate Council Tax resolutions which produce a Council Tax increase of 2.99% (0.99% General increase and 2% Adult Social Care Precept increase) as illustrated in Appendix 9.