APPENDIX 1
MEDIUM TERM FINANCIAL STRATEGY TABLES
Core Planning Assumptions
The table below sets out the core planning assumptions included in the MTFS projections:-
|
|
2022/23 |
2023/24 |
2024/25 |
|
Pay inflation and pay related matters: |
|
|
|
|
- Provision for pay award |
1.50% |
1.50% |
2.00% |
|
- Employers pension contribution rate change |
-0.50% |
0.00% |
0.00% |
|
General inflation: |
|
|
|
|
- Inflation on social care third party payments |
2.00% |
2.00% |
2.00% |
|
- Inflation on non pay expenditure |
0.75% - 1.00% |
0.75% - 1.00% |
1.00% - 2.00% |
|
- Inflation on waste PFI |
3.50% |
2.00% |
2.00% |
|
- Inflation on income |
1.50% |
1.50% |
2.00% |
|
- Inflation on parking income |
1.50% |
1.50% |
2.00% |
|
- Inflation on penalty charge notices |
0.00% |
0.00% |
0.00% |
|
Resources: |
|
|
|
|
Change in Settlement Funding Assessment |
0.00% |
0.00% |
0.00% |
|
Change to Revenue Support Grant (RSG) |
0.00% |
0.00% |
0.00% |
|
Business rates poundage inflation uplift |
1.00% |
1.00% |
1.00% |
|
Assumed council tax threshold increase |
1.99% |
1.99% |
1.99% |
|
Adult Social Care Precept |
0.00% |
0.00% |
0.00% |
|
Council Tax Base |
1.25% |
0.75% |
0.75% |
Summary of MTFS projections
The table below sets out the savings /budget gap taking into account the anticipated expenditure over the MTFS period and the funding resources available based n the median view:
|
|
2022/23 |
2023/24 |
2024/25 |
|
£m |
£m |
£m |
|
|
Net Budget Requirement B/Fwd |
184.807 |
226.531 |
232.210 |
|
Remove net one off short term funding and expenditure |
35.442 |
4.000 |
|
|
Net Budget Requirement B/Fwd |
220.249 |
230.531 |
232.210 |
|
Pay and Inflation – Salaries, Wages & Expenditure |
6.885 |
6.483 |
7.639 |
|
Inflation – Income |
-1.582 |
-1.607 |
-2.104 |
|
Commitments - impact of previous decisions |
2.406 |
0.858 |
3.637 |
|
Change in employer pension contributions |
-0.450 |
|
|
|
Remove 2021/22 Covid support grant |
8.023 |
|
|
|
Assumed increase in social care grant funding |
-2.000 |
-1.000 |
-1.000 |
|
Assumed additional Covid-19 Homelessness one-off funding 2022/23 |
-1.000 |
|
|
|
Assumed additional Covid-19 one-off grant 2022/23 |
-3.000 |
|
|
|
Demand-Led demographic and cost pressures in Adult Social Care and Adult Learning Disabilities |
6.000 |
4.250 |
4.000 |
|
Demand-Led demographic and cost pressures for Children’s Disability, Children in Care and Care Leavers |
2.400 |
1.000 |
0.750 |
|
Demand-Led demographic and cost pressures for Homelessness temporary and emergency accommodation |
2.500 |
|
|
|
Demand-Led demographic cost and pressures for Home to School Transport |
0.200 |
|
|
|
Potential Budget Strategy cost management of Demand-led services |
-5.100 |
-1.850 |
-1.500 |
|
New investment, demographic and/or cost pressures for all other services (recurrent) |
1.000 |
0.750 |
0.750 |
|
Orbis disaggregation |
0.500 |
|
|
|
New Investment in Corporate Plan priorities |
0.500 |
0.500 |
0.500 |
|
Carbon Neutral Investment |
0.500 |
0.500 |
0.500 |
|
One off pressures – ongoing Covid-19 impact |
2.200 |
|
|
|
Use of reserves/financial smoothing for 2022/23 Covid Impact pressures (10 year repayment) |
-2.200 |
0.220 |
|
|
Pay award 2021/22 |
1.680 |
|
|
|
Reduction in repayments for the 2021/22 financial smoothing due to improved 2020/21 outturn |
-0.250 |
|
|
|
Budget Gap (Savings Requirement) |
-12.930 |
-8.425 |
-4.612 |
|
Budget Requirement C/Fwd |
226.531 |
232.210 |
240.770 |
|
|
|
|
|
|
Funded by: |
|
|
|
|
Revenue Support Grant |
6.666 |
6.666 |
6.666 |
|
Locally retained Business Rates |
59.247 |
60.461 |
62.908 |
|
Council Tax (including general increases at 1.99%) |
160.618 |
165.083 |
171.196 |
|
Total Funding |
226.531 |
232.210 |
240.770 |