Stockport Council details budget for 2024/25

Stockport Council has set out how it plans to spend its £788 million budget during the financial year 2024/25 on the provision of a wide range of services to Stockport residents.

Spending includes £264 million for schools which will be met by dedicated government grants, and £65 million on the provision of Council housing which is met primarily from rent income. Beyond this, almost 61% of the Council’s planned spend is on the provision of services supporting the most vulnerable residents living in the borough. Other significant planned spend includes £31.6 million for waste collection and disposal services and £21 million on public transport related services.

Council Tax will remain the primary source of income for Stockport Council for 2024/25, and residents will see a 4.99% increase in the Council Tax bills in April – this is the maximum allowable increase permitted without a local referendum. For a ‘Band D equivalent’ property in Stockport a 4.99% increase set by the Council equates to a Council Tax charge of £1,977.39 in 2024/25, a £93.98 annual increase.

In addition to Council Tax, around £93.7 million of the net expenditure will be funded by Business Rates income. This is almost 28% of the Council’s total resources in 2024/25. A further £2.9 million will come from accessing the borough’s reserves.

In a statement on the borough’s decision to raise Council Tax, Leader of Stockport Council, Cllr Mark Hunter, said:

“When I was elected Leader of the council two years ago, I was all too aware of the economic challenges we all faced.

“It is safe to say that since then, these challenges have continued to put local authorities across the country under serious financial pressure. The scale of the task has increased since then and we are more focused than ever on making responsible decisions that secure the long-term future of Stockport.

“Central government required us to make savings of £10.863m in this year’s budget, thankfully we have put ourselves in a strong position- by being prudent with our reserves and continuing our proud record of sound financial management over many years. However, we cannot be complacent. To give just two examples, since 2019/20, council energy bills have doubled, and the cost of waste collection has risen by 35%. We find again and again that we are being asked by central government to provide better services that are costing more, with less funding.“

The 2024/25 Budget also includes Stockport Council’s capital investment plans for the Borough to help regenerate the local economy, create jobs and develop strong communities. The Capital Programme is funded by capital grants and contributions from Government and other third parties, revenue contributions to capital spend and borrowing. The £263 million programme includes:

• Highways and Infrastructure – this includes capital schemes: Stockport Interchange, Cheadle Railway Station, Street Lighting Investment Programme and Merseyway Car Park Waterproofing;
• Housing – this includes capital schemes to support the programme of housing general capital works and the Affordable Housing Programme; and
• Regeneration – this includes capital schemes to support the regeneration of the Town Centre and District Centres including major schemes to support the regeneration of Weir Mill, Stockport Exchange, Merseyway redevelopment work and the Markets and Underbanks regeneration scheme.

Cllr Hunter concluded:

“While the financial future for local government looks bleak, we haven’t been afraid to make difficult decisions and we are proud of the work we have done to create a budget that keeps our long-term future secure. We’ve done this through responsible financial management, positive investments and by sticking to our priorities to protect the most vulnerable. We firmly believe this approach is how we continue to build a Stockport that has the services, opportunities, and progress that our residents deserve.”

Further details of the Council’s budget, including details of the Council Tax and Precepts, are available on the Stockport Council website.