The Council Meeting has:
(1) Approved the Budget for 2024/25 described in the report and set out in Appendices 2 and 3.
(2) Approved the use of available one-off resources to support the positive investment detailed in Section 6, subject to the council’s 2023/24 outturn position and the 2024/25 final settlement.
(3) Noted the risk assessment of the 2024/25 Budget at Appendix 5 and the report of the Deputy Chief Executive and Section 151 Officer on the adequacy of proposed financial reserves and robustness of the estimates, also included at Appendix 5.
(4) Approved the required Council General Fund Balance to reflect the Deputy Chief Executive and Section 151 Officer’s assessment of risks.
(5) Noted and approved the financial forecasts and assumptions for 2024/25 to 2027/28 at Appendix 6, and the key issues to be addressed in formulating a response to the future financial challenges facing the council.
(6) Agreed that the appropriate Council Tax resolutions be passed which produce a Council Tax increase of 4.99% in 2024/25 (2.99% General increase, 2% Adult Social Care Precept increase) as illustrated in Appendix 7.
Subject to:-
· undertaking a full assessment, with due regard to the Socio-Economic Duty, of the saving proposals for libraries (no financial impact);
· undertaking a full assessment, with due regard to the Socio-Economic Duty, of the savings proposals for parking (no financial impact);
· investing an additional £160,000 into drainage cleaning with a view this could be used to purchase a new gully cleaner. This is to be funded out of the council’s Invest to Save reserve (cost: £160,000); and
· undertaking a full, independent review that will help determine the right model for managing Stockport’s housing stock, given the legislative and regulatory changes that have taken place and the financial position the council is in. This includes considering whether the existing ALMO model – Stockport Homes – continues to be the right one for Stockport, its tenants and residents. This is to be funded out of the council’s Invest to Save reserve (cost: £100,000).
The Cabinet considered its proposed 2024/25 Revenue Budget outlining the Council’s strategic approach to responding to the significant medium-term financial pressures whilst ensuring a sustainable and stable financial position to deliver our overarching priorities and desired outcomes, and recommended to the Council Meeting that it:-
(1) Approve the Budget for 2024/25 described in the report and set out in Appendix 2 and 3.
(2) Approve the cabinet’s use of any available one-off resources to support the positive investment detailed in Section 6 subject to the council’s 2023/24 outturn position and the 2024/25 Final Settlement.
(3) Note the risk assessment of the 2024/25 Budget at Appendix 5 and the report of the Deputy Chief Executive and Section 151 Officer on the adequacy of proposed financial reserves and robustness of the estimates also included at Appendix 5.
(4) Approve the required Council General Fund Balance to reflect the Deputy Chief Executive and Section 151 Officer’s assessment of risks.
(5) Note, comment upon, and approve the financial forecasts and assumptions for 2024/25 to 2027/28 at Appendix 6, and the key issues to be addressed in formulating a response to the future financial challenges facing the council.
(6) Pass the appropriate Council Tax resolutions which produce a Council Tax increase of 4.99% in 2024/25 (2.99% General increase, 2% Adult Social Care Precept increase) as illustrated in Appendix 7.