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.
Decision type: Key
Decision status: Recommendations Approved
Notice of proposed decision first published: 05/12/2019
Decision due: 6 Jan 2020 by Executive
Lead member: Executive Member for Policy & Resources
Lead director: Deputy Chief Executive Officer
Contact: Neil Wood Email: nwood@fareham.gov.uk.
Consultees
None
Background Papers: None