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Issue details

Financial Forecasts and Budgets

This report provides an update on the Council’s 5-year financial forecasts and makes recommendations regarding the General Fund capital programme, revised revenue budget for 2018/19, fees and charges and the revenue budget for 2019/20. It also proposes an invest to save approach to bridging the forecasted funding gap.

 

This report gives the Executive the opportunity to consider the Council's 5-year financial forecasts as set out in the Medium-Term Finance Strategy (MTFS), capital programme, revised service budget for 2018/19, fees and charges for 2019/20 and proposed service budgets for 2019/20.

 

Revised General Fund Revenue Budget 2018/19

The revised general fund revenue budget for 2018/19 amounts to £11,172,900 for service budgets with other budgets totalling -£2,732,400 giving an overall position of £8,440,500 which shows no change from the base budget for 2018/19.

 

General Fund Revenue Budget 2019/20

The proposed general fund budget for 2019/20 totals £10,888,600 for service budgets along with -£2,222,200 for other budgets giving an overall position of £8,666,400 which is an increase of £225,900 against the original budget for 2018/19.

                         

Capital Programme and Resources 2018/19 to 2022/23

The revised capital programme amounts to £39,229,000, and there are capital resources totalling £41,483,000 over the programme period.  Whilst a surplus of capital resources exists, there are likely to be emerging spending requirements that require new resources to be accumulated now so that the Council can meet its future commitments.

 

5-Year Financial Forecasts

The 5-Year financial forecasts for 2018/19 to 2022/23 is predicting a funding shortfall by 2020/21. An Opportunities Plan has been drawn up to address the shortfall and build in some capacity for future pressures and uncertainties. However, the Plan requires investment of approximately £600,000 over a 2-year period to resource the projects identified to deliver the required savings.

Decision type: Key

Decision status: Recommendations Approved

Notice of proposed decision first published: 07/12/2018

Decision due: 7 Jan 2019 by Executive

Lead member: Executive Member for Policy & Resources

Lead director: Director of Finance & Resources

Contact: Caroline Hancock Email: chancock@fareham.gov.uk.

Background Papers: None

Decisions

Agenda items

 

 




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