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 2021/22 and 2022/23.
The 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 2021/22 and proposed service budgets for 2022/23.
Revised General Fund Revenue Budget 2021/22
The revised general fund revenue budget for 2021/22 amounts to £14,135,100 for service budgets with other budgets totalling -£2,057,100 and COVID funding of £1,583,200 (including a use of general reserves of £690,200), giving an overall position of £10,494,800 which is an increase of £222,900 from the base budget for 2021/22.
General Fund Revenue Budget 2022/23
The proposed general fund budget for 2022/23 totals £13,467,400 for service budgets along with -£2,723,000 for other budgets (including a use of general reserves of £1,902,500) giving an overall position of £10,744,400 which is an increase of £472,500 against the original budget for 2021/22.
5-Year Financial Forecasts
The 5-year financial forecasts for 2021/22 to 2025/26 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 2021/22 to 2025/26, as set out at Appendix C to the report;
(b) agrees to submit the updated Pay Policy, annexed to the Medium-Term Finance Strategy at Annex C, to Full Council for approval;
(c) approves the revised 2021/22 general fund revenue budget, amounting to £10,494,800, as set out in Appendices A and B to the report; and
(d) approves the base 2022/23 general fund revenue budget amounting to £10,744,400, as set out in Appendices A and B to the report.
Report author: Neil Wood
Publication date: 12/01/2022
Date of decision: 10/01/2022
Decided at meeting: 10/01/2022 - Executive
Effective from: 22/01/2022