Issue details

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.