Our financial position
In 2021/22 the council was directly responsible for a net revenue budget of £9.2m and for the employment of 222 staff. There is a capital programme of £15.1m over the next 5 years. The council’s capital receipt reserves currently stand at £1m with earmarked reserves of £30.8m and a general fund balance of £800,000. Our Band D council tax is one of the lowest in England.
Like all other local authorities, there is uncertainty around future income streams. The impact of coronavirus and changes to schemes such as the New Homes Bonus, business rates retention and pressures on our services of an ever-growing population and salary growth mean that for us, as for others, the future is hard to predict.
However, our Peer Review in 2020 noted that we benefit from an experienced and technically strong finance team. The council is classed as lower risk in the majority of financial stress indicators in CIPFA's Financial Resilience Index and:
We have an unqualified external audit opinion on our value for money position
We were one of only 9% of councils to get their 20/21 accounts signed off by the September deadline
We have healthy earmarked reserve balances
Have good relationships with members when it comes to discussing financial issues and actions.