Medium Term Financial Strategy (MTFS) 2022/23- 2026/27
Appendix 2 - Council's current financial position
Revenue outturn 2020/21
During 2020 the Council had to react to the challenges on the pandemic and lockdown restrictions. Cabinet agreed in July 2021 a net revenue budget of £221.286m. The overall outturn position for the Council resulted in a surplus of £7.908m. The positive year-end position is a testament to the collective approach taken by groups and services to identify pressures early in the financial year and ensuring that action was taken on a timely basis to ensure the threat to a balanced budget was addressed. The outturn position reflects the timing of covid funding received in advance by the Council.
Revenue budget 2021/22
On 23 February 2021 Cabinet agreed a net revenue budget of £238.758m which included £8.117m of budget savings. The annual budget savings cycle is a continuous approach with budget developments brought to Cabinet for consideration throughout the year to allocate resources to Services and consider consultation outcomes. Complex pandemic impacts remain and therefore effective financial management will be essential.