Service and Financial Planning

Service and Financial Planning

The Council sets an annual budget in February each year. This details how much money will be spent for the coming year and where it will be allocated.

Decisions are based on agreed Council priorities, which are set out in our five year plan.

Our planning is also informed by the national, regional, and local financial and political context. The limited government funding received is a key challenge facing the Council. We no longer receive Revenue Support Grant from central government, and combined with the potential impact of planned Business Rates reforms, we are predicting that we will need to make annual budget savings or generate new sources of income in order to become financially self-sufficient.

Our primary objective is to deliver this with no reduction in the quality of Council services provided to residents. We will do so through a combination of efficiency savings and alternative income generation.

Our Medium Term Financial Plan outlines the financial challenge in more detail, and our Corporate Plan sets out how we intend to tackle it. 

Medium Term Financial Plan

The Medium Term Financial Plan outlines the pressures facing the Council and describes our financial direction and for the next five years. It is based on analysis of a range of economic and financial data, including interest rates, inflation and economic growth; it is reviewed annually to reflect the changes to local requirements, economic conditions and government funding.

The key purpose of the Medium Term Financial Plan is to ensure that resources are best directed towards delivery of the five year Corporate Plan.

By implementing the Medium Term Financial Plan, the Council aims to ensure that the Council provides value for money, maximises the use of available resources and delivers budget savings where possible. It is a valuable tool in managing potential risks and developing financial sustainability over the medium term.