The council priorities we have agreed on are ambitious and therefore the financial resource required will be reflected in the budgets set for the next five years. Our council priorities will help us to make decisions about allocating future resources. The council’s Medium Term Financial Plan sets out our approach to how we manage our finances as well as the broad issues that will impact on our financial position over the medium term; this provides detail on the revenue and resources that will be available for our priority areas and the services that support these. The management of our resources and assets is informed by our Council Plan and delivery of our vision.
It is important to note that some of the activities we have identified that underpin our outcomes are grant funded or already have resources allocated in their early planning process.
The council’s Medium Term Financial Plan approved by Council on 15 February 2023 highlighted a potential revenue shortfall of approximately £9.5m for the period 2024/25 to 2025/26. However, the steep increases in prices, pay, and demand for services creates additional cost pressures that have to be considered and will be reflected in an updated Medium Term Financial Plan, where the scale of revenue shortfall is likely to be more significant. Indeed, the scale of cost pressures is likely to be much greater than in any period over the last decade. Even in very difficult times, it is vital that we continue to prioritise investment where it is needed. The 2023/24 budget recognises demand pressures in Social Care and inflationary cost increases including pay and energy for all council services including schools and budgets going forward will continue to support the council’s priorities, even in challenging financial times.
In 2023/24, specific extra funding has also been provided for investment in Council Plan priorities, highways maintenance and resurfacing, plus public transport (bus services).
Please visit our financial documents page to view our Medium Term Financial Plan and other financial documents.