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Financial Challenges and Budget Pressures Ahead: A £316.7m Analysis

The council's gross annual budget stands at £316.7m, facing significant pressures, including a £20m grant cut for 2015-16 and a need for savings. With a partially positive VFM profile, we analyze the impact of income challenges and inflation, alongside potential precept rises and referenda. The implications of various percentage increases on council tax are explored, showing how they could save officer posts while still requiring substantial cuts. What does this mean for 2016/17 and beyond?

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Financial Challenges and Budget Pressures Ahead: A £316.7m Analysis

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Presentation Transcript

  1. Spending Funding Financial Context Gross Annual Budget = £316.7m ( VFM profile- largely positive)

  2. Pressures Income Challenge New Financial Challenge 2015-16 Grant Cut £20m savings required 2% Council Tax rise Inflation Partially Offset By = National Insurance Other • On top of £50m successfully delivered for CSR1 • But what about further possible cuts in 2016/17?

  3. Precept Rises and referenda Officer Impact: 19.5% = 330 10% = 169 3.5% = 59 2% = 34 £2.83 p a £4.95 pa £14.15 pa £27.53 pa Referenda Trigger and Impact

  4. Precept Rises and referenda • Current Precept = £141.47. Each 1% increase = £0.8m • 2% Increase = £2.83 pa, saves 34 officer posts, still requires £20m savings • 3.5% increase = £4.95, saves 59 posts, still requires near £19m savings • 10% increase = £14.15 pa, saves 169 posts, still requires £12.3m savings • 19.5% increase = £27.53, saves 330 posts, still requires £4.7m savings • Referenda beyond 2%!

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