The Cabinet considered a report outlining the latest update on its approach to responding to the unprecedented uncertainty outlined within the medium-term financial plan (MTFP) update presented to the Cabinet meeting in October, and detailing a series of proposals outlined in Section 5 of the report to support the balancing of the Council’s 2021/22 Budget.
The Cabinet then agreed to:-
· Note the details of the report including the announcements made by Government since October and in the 2020 Spending Review;
· Approve the update to the MTFP savings requirement following the 2020 Spending Review;
· Approve the saving proposals set out in Appendix 1 to support the balancing of the Council’s 2021/22 Budget to provide a stable financial platform for the transformation programme linked to One Stockport needed to support the Council’s recovery and address the medium term financial challenge;
· Note and comment upon as appropriate, the financial forecasts for 2020/21 to 2022/23, and the key issues to be addressed in formulating a response to the financial challenges facing the Council
· Note that the forecasts and assumptions underpinning the MTFP will continue to be reviewed to ensure they remain robust and resilient as part of the Council’s 2021/22 budget setting process. A further update of the Council’s MTFP will be presented to Cabinet in February prior to the Budget Council meeting;
· Note the MTFP revised forecast cumulative savings requirement of £8.115m in 2021/22 rising to £26.802m in 2022/23; and
· Take the final steps necessary to propose a balanced budget for 2021/22 to the Budget Council meeting on 25 February 2021.
· Receive a further report to a future meeting of the Cabinet examining whether it was necessary or appropriate to move earmarked reserves into general balances.