Issue - meetings

To consider a report of the Deputy Chief Executive & Corporate Director (Corporate and Support Services).

The purpose of the report is to outline the outcomes of the review of the Council’s Medium Term Financial Plan (MTFP) 2021/22 to 2023/24. The report details the outcome of the MTFP Update, highlighting the continuing financial scarring impacts as a result of the pandemic and the adjustments needed to the existing MTFP forecasts and assumptions in order to present the most accurate forecast of the Council’s financial position and saving requirement over the medium term period.

The Cabinet is recommended to:-

1)    Note the outcomes of the MTFP Update including the continuing financial scarring impacts of the pandemic and the highlighted changes to the MTFP forecasts and assumptions approved in February;

2)    Approve the forecast and assumption adjustments as a result of the MTFP Update outlined in the report;

3)    Note that the Council’s savings requirement has reduced to £20.170m in 2022/23 rising to £34.185m in 2023/24 as a result of the adjustment highlighted and subject to further review and updates during the financial year;

4)    Note that due to the significant uncertainty, volatility and risk of the financial landscape the assessment of the MTFP forecasts and assumptions will continue to be iterative with further updates to the MTFP reported to Cabinet as part of the 2022/23 budget setting process;

5)    Approve the recommended cap of £20m on the use of reserves to support the Council’s continuing response and recovery from the financial scarring impacts of the pandemic over the medium term period; and

6)    Approve the recommended use of one-off resources identified during the financial year to support the Council’s 2022/23 Budget and MTFP.

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

The Cabinet Member for Resources, Commissioning & Governance (Councilllor Tom McGee) submitted a report (copies of which had been circulated) inviting the Cabinet to consider the outcomes of the of the review of the Council’s Medium Term Financial Plan (MTFP) 2021/22 to 2023/24 including the continuing financial scarring impacts as a result of the pandemic and the adjustments needed to the existing MTFP forecasts and assumptions in order to present the most accurate forecast of the Council’s financial position and saving requirement over the medium term period.

RESOLVED – That in relation to the Medium Term Financial Plan (MTFP) Update, the Cabinet has:-

(1) Noted the outcomes of the MTFP Update including the continuing financial scarring impacts of the pandemic and the highlighted changes to the MTFP forecasts and assumptions approved in February;

(2) Approved the forecast and assumption adjustments as a result of the MTFP Update outlined in the report;

(3) Noted that the Council’s savings requirement has reduced to £20.170m in 2022/23 rising to £34.185m in 2023/24 as a result of the adjustment highlighted and subject to further review and updates during the financial year;

(4) Noted that due to the significant uncertainty, volatility and risk of the financial landscape the assessment of the MTFP forecasts and assumptions will continue to be iterative with further updates to the MTFP reported to Cabinet as part of the 2022/23 budget setting process;

(5) Approved the recommended cap of £20m on the use of reserves to support the Council’s continuing response and recovery from the financial scarring impacts of the pandemic over the medium term period; and

(6) Approved the recommended use of one-off resources identified during the financial year to support the Council’s 2022/23 Budget and MTFP.