Our 2019/20 budget
Our 2019-20 budget was considered at the council meeting on 28 February 2019. The gross budget for 2019-20 is £568m, with a net budget requirement of £214m. 2019/20 is the second year of our five year plan, as set out in our Financial Strategy. Our financial plan doesn't, as yet, 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 2019/20. There is a still a significant amount of uncertainty around the 2020/21 financial year due to the introduction of 75% business rates retention in that year alongside the government’s planned Fair Funding review. Until there is further clarity on the detail of these proposals and we have the opportunity to evaluate the impact on our resources projected, it isn't possible to formulate long-term plans to ensure a sustainable future for the council.
As you'll see from the capital budget section of this book, we're planning to invest £68million into local projects in 2019/20. 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 2019/20 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.
The budget book for 2019/20 sets out our 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