Agenda item

Within this report and appendix, we provide a further update on our strategic approach in responding to the review of the Medium Term Financial Plan (MTFP). This follows on from the report presented at the cabinet meeting on the 19 September 2023  and scrutiny committees during October 2023, November 2023 and January 2024. It includes our final change proposals within the appendix following consultation and scrutiny comment ahead of the Budget Council meeting in February.

1This report outlines the budget proposals being considered by the cabinet to address our financial challenges and balance the rising cost of delivering services to the people in our communities who need it most. The report sits alongside a suite of budget papers presented elsewhere on this agenda.

The Cabinet is recommended to:

(1) Note the further development of proposals and the feedback received from the engagement and consultation to date.

(2) Approve the proposals for inclusion within the budget papers for Budget Council.

Officer contact: Gill Lawton on 0161 474 3014 or email gill.lawton@stockport.gov.uk

The Leader of the Council (Councillor Mark Hunter) and the Cabinet Member for Finance & Resources (Councillor Jilly Julian) submitted a report (copies of which had been circulated) providing an update on the strategic approach in responding to the review of the Medium Term Financial Plan and including the budget proposals being considered by the cabinet to address the financial challenges and balance the rising cost of delivering services to the people in Stockport’s communities who needed it most.

The following comments were made/ issues raised:-

·         Local government continued to face sustained financial pressure, however the Council remained in a robust position.

·         It was stated that the Council would continue to live within its means, but it did not remain immune to the challenges imposed by the cost-of-living crisis and the ongoing expectation that local authorities must continue to do more with less resources.

·         There needed to be a fundamental reset of local government financing.

·         There has been an increase in the response rate to the consultation on the budget proposals, albeit on a low base rate, but the commentary from these responses showed broad support and an understanding of the position the Council found itself in.

RESOLVED - (1) That the further development of proposals and the feedback received from the engagement and consultation to date be noted.

(2) That approval be given to the proposals for inclusion within the budget papers for Budget Council.