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Issue details

Financial Forecast for Medium Term Finance Strategy

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.

 

Decision type: Key

Decision status: Recommendations Approved

Notice of proposed decision first published: 04/09/2020

Decision due: 12 Oct 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.

Decisions

Agenda items

 

 




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