Our 2022/23 budget
Shropshire Council's 2022/23 budget was considered at the council meeting on 24 February 2022. The gross budget for 2022/23 is £598m, with a net budget requirement of £225m. 2022/23 comes after another extraordinary year responding to the Covid-19 pandemic, and forms part of our financial strategy for the next five years. Our financial plan doesn't 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 2022/23. There continues to be a significant amount of uncertainty around the 2023/24 financial year, and beyond, due to the implementation of the Fair Funding Review and other changes to the local government funding landscape. Until there's further clarity on the detail of these proposals, and the council has the opportunity to evaluate the impact on our resources projected, it's not possible to formulate long-term plans to ensure a sustainable future for the council.
The budget book for 2022/23 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
As you will see from the capital programme section of this book, we're planning to invest £125 million into local projects in 2022/23. The capital programme remains priority led, reflecting the need for growth in the Shropshire economy, investment in infrastructure and roads, investment in schools and children’s residential provision and investment in regeneration. The council’s capital strategy was approved by full council on 24 February 2022.
The bottom line is, of course, that we have to balance our books. This is becoming increasingly difficult as each year progresses, and in 2022/23 we'll 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 our medium-term financial strategy which was approved on 24 February 2022.