Purpose

The purpose of the report is to present the
proposed 2024/25 Cabinet Revenue Budget for approval. The report
outlines the Council’s financial outlook and significant
challenges across the medium term period 2024/25 to 2025/26. The
report highlights the overarching priorities and desired outcomes
upon which the Cabinet has based its budget proposals, and which
form the basis of our Borough Plan and updated Council Plan
included elsewhere on this agenda. We continue to shape our budget
within an incredibly uncertain, volatile and complex environment
which includes pressures across public services as well as the
increasing need within our communities.

Content

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).