Medium Term Finance Strategy 2019/20 How the Councils finances work - PowerPoint PPT Presentation

Medium Term Finance Strategy 2019/20

How the Council’s finances work Spend on Services Funding Sources REVENUE INVESTMEN OTHER SUPPORT £45M CONTRIBS TS £2 M GRANT NEW USE OF RENTS HOMES RESERVES £4 1/2 M BONUS £1 £1/2 M M COUNCIL TAX BUSINESS FEES & CHARGES RATES £2 M £7 M £8 M SPECIFIC GRANTS & REIMBURSEMENTS £20 M Examples: Housing Benefit Subsidy

Our 5 year Forecasts in 2018/19 Funding Gap £1M Spend Fundin on g Service Source s s

The Opportunities Plan Changes already in progress IDEAS TO: Help close the Funding Projects within current resources Gap e.g. Council Tax Discounts Build in capacity for future pressures and Projects needing resources growth Right things to do for Potential Savings £1.5M the borough + B and C Lists

Where are we for 2019/20 Funding Gap £215k Opportunities Budget built in £522k Fundin Requireme g nt Source £8.7m s £8m

Where are we for 2019/20 onwards F u n d i £1004 n £816 k g k £605 £477 k £342 G £175 £215k k k a k £0 p 2020/21 2019/20 2021/22 2022/23

Bridging the gap Opportunities plan Assume £5 per year approved by Council Tax increase Executive 7 January Invest to save £600k Council Tax will be for project to save £175.22 by 2022/23 money or generate income

Pressures and Uncertainties National Local HCC Policy Opportunities Funding Economy changes? Plan? Review ? New Homes after March (e.g. BRT, (Are the (RSG, Business Bonus? Parking 2019? assumptions rates need) Enforcement) correct?) Income Things that Pension and decisions? matter to Universal Land Pay Policy (e.g. Investment Fareham Credit? Charges? Properties, Changes? (e.g. corporate Parking) priorities)

What next? Final Report to Scrutiny Panel Executive Comments to Feb on 4 th Executive February 22 nd February Recommend Full Council set Council Tax Council Tax for Increase to Full 2019/20 Council

QUESTIONS