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 5 Year Plan .

Our planning is also informed by the national, regional, and local financial and political context. The loss of government funding is a key challenge currently facing the Council. For the first time, we will receive no Revenue Support Grant from central government as of April 2017, andcombined with the potential impact of planned Business Rates reforms, we are predicting that we will need to make £3.9 million worth of savings over the next three years and to become financially self-sufficient by 2020 or before.

Our primary objective is to deliver these savings 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 Business Plan sets out how we intend to tackle it. More information about both plans is provided below.

Medium Term Financial Plan

The Medium Term Financial Plan outlines the pressures facing the Council and describes our financial direction and for the next 5 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 5 Year 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.

Corporate Business Plan

The Corporate Business Plan sets out an overview of the Council’s future operating model and the steps it will take to meet the priorities of the 5 Year Plan. It provides details of how the Council will develop commercial opportunities in order to protect and improve its frontline services whilst meeting the increasing financial challenges facing local government.

The Corporate Business Plan serves as a link between the priorities and objectives of the 5 Year Plan and the financial targets of the Medium Term Financial Plan.

The creation of a Corporate Business Plan was recommended as a result of the LGA Corporate Peer Challenge  in 2015 to support the Council in achieving its ambitions and maintaining performance.

The Corporate Business Plan is a rolling plan which will be updated each year to reflect the changing conditions and operating context of local government.

Downloads

Medium Term Financial Plan 2016/17 to 2020/21
Corporate Business Plan 2016/17 to 2019/20