People in Stockport could pay more to park, get married and replace missing bins under new plans to close a £17m hole in the council’s finances. A town hall report reveals that the budget gap for the 2023/24 financial year has ballooned to £16.9m from the £10m deficit forecast in February - and grows to an eye-watering £33.3m in 2024/25.
Bosses say the council is facing a period of ‘unprecedented uncertainty’, linked to volatility in the energy prices, the cost of living crisis and the fallout from the pandemic. It also warns of ‘additional risks’ created by national and global issues which are ‘totally unpredictable’.
These factors - combined with continued uncertainty over funding and tax-raising powers from central government - have combined to have a significant impact on the council’s Medium Term Financial Plan (MTFP). Bosses previously found £12.7m of medium term savings but more than £10m has now been added back to the balance sheet due to 'adverse national economic conditions and increasing service demand'.
