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 following the emergency budget.
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) following the setting of the emergency revised budget for 2020/21 at the September Executive.
The impacts of Covid-19 have affected many areas of the Council’s finances including a contribution from reserves to set a balanced revised budget for 2020/21. In light of the changes a new table of figures highlighting the effects of the pandemic and other operation changes has been compiled and the effects of this going forward over the strategy period is shown in the table below:
£s |
2020/21 |
2021/22 |
2022/23 |
2023/24 |
2024/25 |
Approved MTFS Deficit Position |
0 |
489,000 |
512,000 |
440,000 |
N/A |
Revised MTFS Forecast Deficit Position |
1,145,000 |
2,282,000 |
706,000 |
594,000 |
452,000 |
The detailed report highlights the main spending pressures affecting the budgets and also opportunities taken to close the budget gap.
5-Year Financial Forecasts
The 5-Year financial forecasts for 2020/21 to 2024/25 is predicting a funding shortfall for all years. The Opportunities Plan approved last year is still predicted to address some of the shortfall and build in some capacity for future pressures and uncertainties.
RESOLVED that the Executive approves the Medium-Term Finance Strategy for the period 2020/21 to 2024/25, as set out at Appendix A to the report.
Report author: Neil Wood
Publication date: 14/10/2020
Date of decision: 12/10/2020
Decided at meeting: 12/10/2020 - Executive
Effective from: 24/10/2020
Accompanying Documents: