As reported in Manchester Evening News, Stockport Council has accrued an additional £6.4 million surplus that it plans to spend on one-off projects in 2020, including a fund for regenerating district centres.
The additional funds have been become available through a budget surplus, but mostly a return of money from Greater Manchester Combined Authority, due to a renegotiated waste contract. Council tax has also generated more income than expected for the council.
£3 million of the money has already been allocated. Money will support upgrades to parks with new gym and play equipment. Stockport Council also intends to spend some of the surplus repairs to roads in areas such as Bramhall that were affected by flooding in summer 2019.
£100,000 will also be added to an interest-free loan scheme, announced last year, to support businesses and retailers in district centres in Stockport. The money is designed to support initial set-up costs such as updating signage and exteriors of retail units, the MEN reports. The scheme was announced to support the regeneration of high street’s outside the town centre.
The remaining surplus has yet to be allocated, ahead of announcements of Stockport Council’s 2020/21 budget. The council will decide on how to spend their surplus on 27th February – rules around council spending however prevent Stockport Council using the money to support everyday running costs.
MEN reports that it expects the money may go towards investment in the Town Centre West regeneration scheme, further funding for leisure centres and schools, or support the Stockport Local Fund which funds community projects.