Decision details

This report provides an update on the Council’s 5-year financial forecasts and makes recommendations regarding the revised revenue budget for 2019/20 and 2020/21.

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 2019/20 and proposed service budgets for 202/21.

Revised General Fund Revenue Budget 2019/20

The revised general fund revenue budget for 2019/20 amounts to £12,709,300 for service budgets with other budgets totalling -£3,390,100 giving an overall position of £9,319,200 which shows an increase of £652,800 from the base budget for 2019/20.

General Fund Revenue Budget 2020/21

The proposed general fund budget for 2020/21 total £11,582,500 for service budgets along with -£1,976,000 for other budgets giving an overall position of £9,606,500 which is an increase of £940,100 against the original budget for 2019/20.

5-Year Financial Forecasts

The 5-Year financial forecasts for 2019/20 to 2023/24 is predicting a funding shortfall by 2021/22.  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 2019/20 to 2023/24, 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 Council for approval;

Revenue Budgets

(c)  approves the revised 2019/20 general fund revenue budget, amounting to £9,319,200, as set out in Appendix A and B to the report; and

(d)  approves the base 2020/21 general fund revenue budget amounting to £9,606,500 as set out in Appendix A and B to the report.