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Decision details

Finance Strategy, Revenue Budget and Council Tax 2021/22

Decision Maker: Executive

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

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.

 

Decision:

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;

 

Revenue Budgets

 

(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

Accompanying Documents:

 

 




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