Decision Maker: Executive
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
This report provides an update on the Council’s 5-year financial forecasts and makes recommendations regarding the revised revenue budget for 2020/21 and 2021/22.
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), revised service budgets for 2020/21 and proposed service budgets for 2021/22.
Revised General Fund Revenue Budget 2020/21
The revised general fund revenue budget for 2020/21 amounts to £15,905,100 for service budgets with other budgets totalling -£3,823,500 (including a use of general reserves of £690,200) and Government COVID funding of £2,993,300 giving an overall position of £9,606,500 which shows no increase from the base budget for 2020/21.
General Fund Revenue Budget 2021/22
The proposed general fund budget for 2021/22 totals £14,692,700 for service budgets along with -£3,823,500 for other budgets (including a use of general reserves of £1,902,500) and Government COVID funding of £751,000 giving an overall position of £10,118,200 which is an increase of £511,700 against the original budget for 2020/21.
5-Year Financial Forecasts
The 5-Year financial forecasts for 2020/21 to 2024/25 is predicting a funding shortfall by 2022/23. The Opportunities Plan approved last year is still predicted to address the shortfall and build in some capacity for future pressures and uncertainties.
RESOLVED that the Executive:
Financial Forecasts (MTFS)
(a) approves the Medium-Term Finance Strategy for the period 2020/21 to 2024/25, as set out at Appendix C to the report;
(b) approves the revised 2020/21 general fund revenue budget, amounting to £9,606,500, as set out in Appendix A and B to the report; and
(c) approves the base 2021/22 general fund revenue budget amounting to £10,118,200, as set out in Appendix A and B to the report;
Report author: Neil Wood
Publication date: 06/01/2021
Date of decision: 04/01/2021
Decided at meeting: 04/01/2021 - Executive
Effective from: 16/01/2021