Our 2020/21 budget
Shropshire Council's 2020-21 budget was considered at the council meeting on the 27 February 2020. The gross budget for 2020-21 is £575m, with a net budget requirement of £226m. 2020/21 builds on the progress we made last year, creating a five year plan as set out in our Financial Strategy. Our financial plan does not provide a balanced and sustainable budget for the long-term future, but it does meet our immediate challenges, and our key focus to deliver a balanced budget in 2020/21. There is a still a significant amount of uncertainty around the 2021/22 financial year, and beyond, due to the proposed introduction of 75% business rates retention, the implementation of the Fair Funding review and the Comprehensive Spending Review. Until there is further clarity on the detail of these proposals and the Council has the opportunity to evaluate the impact on our resources projected, it is not possible to formulate long term plans to ensure a sustainable future for the Council.
As you will see from the capital budget section, we are planning to invest £119 million into local projects in 2020/21. The capital programme remains priority led, reflecting the need for growth in the Shropshire economy, investment in infrastructure and roads, and significant funding to deliver superfast broadband across much of Shropshire in the coming years.
The bottom line is, of course, that we have to balance our books. This is becoming increasingly difficult as each year progresses and in 2020/21 we will continue to see the use of significant one-off resources to deliver a balanced budget. This gives us more time to review our options and formulate sustainable proposals, but leaves us with some stark choices over the way we deliver services into the future. Full details of the Council’s financial position are laid out in the Council’s medium term financial strategy which was approved on 27 February 2020.
The budget book for 2020/21 sets out the Council’s detailed revenue and capital budgets. It includes the following sections:
- Revenue Summary
- Portfolio Holder Summary
- Subjective summary
- Financial Strategy Summary
- Detailed Budgets by Service Area
- Appendices supporting the Revenue budget
- Housing Revenue Account
- Capital Programme