9/20/2023 0 Comments Wise care 365 4.79 key![]() Many of the reserves are to support ongoing maintenance of council assets. Given the significant risks going forward being prudent remains the most sensible course of action with reserves (excluding New Homes Bonus with 2022/23 expected to be the last year of this scheme) to remain at £7.6m to £8.6m over the term of the MTFS at a period when the potential for adverse financial risk remains significant. The Council is sustainable due to its range of income streams, including Council Tax, commercial property income and fees and charges, with a proportionate approach to generating income. The overall business rates risk in relation to both the business rates reset and the impending closure of the power station is mitigated by prudent assumptions linking business rates to either ‘baseline’ or ‘safety net’ positions, far lower than current levels of business rates received (around £3m as opposed to £4m), Commendably the Council has retained its financial stability whilst dealing with business rate volatility over the past 10 years. ![]() There is a residual deficit (£1.18m) on the Collection Fund that is funded from the Collection Fund Reserve (£0.253m) and the Organisation Stabilisation Reserve (£0.935m). The Council’s prudence in making a provision for this risk means a liability of over £6m is largely absorbed. There is an impact specifically in 2022/23 in relation to the power station (largely due to the appeal being backdated to 2017). Given such risks the Council’s contingency budget has increased to £0.3m.īusiness Rates assumptions have been impacted by two factors the further delay in business rates reforms (and the long-awaited business rates reset) and a recent successful business rate appeal in relation to the power station (the business rates paid to the Council reducing from £2.9m to £1.6m). The other key issue we have had to adjust for is inflation in relation to both pay and other supplies and services (particularly utility and fuel costs). As a consequence of the improved position fewer grants are required from central government (reducing from £1.1m to £0.27m). Based on current data for 2022/23 we move towards pre-Covid levels. For 2021/22 assumptions were made of 20% reductions for key areas of income such as Planning fees. ![]() The budget in comparison to last year has less Covid support and a more positive outlook with regards to levels of income. The Council’s healthy level of reserves will help mitigate against such risks. Along with anticipated Environmental and Planning legislation changes, these are risks that could quite easily de-stabilise a relatively positive medium term financial position for Rushcliffe. We hope for multi-year financial settlements which will give greater financial certainty. The Council looks forward to understanding the impact of future Business Rates, New Homes Bonus and Fairer Funding Reviews. For 2022/23 we received another one-year settlement. Uncertainty still remains for the longer term (not just as a result of Covid). Thus, ensuring the Council continues to deliver its Corporate Strategy objectives. The Council’s Medium Term Financial Strategy (MTFS) firstly seeks to ensure that the Council remains financially resilient and able to deliver the services it must by law secondly to initiate the process of redressing the imbalances created by the Covid-19 pandemic, by appropriately focussing on economic recovery and growth and prosperity within the Borough and supporting the most vulnerable in our community thirdly to ensure that health and wellbeing remains a high priority and finally to remain committed to carbon reduction and supporting the environment. Many of those challenges still remain as we move into 2022/23 and beyond although we remain optimistic that the pandemic is coming to an end. Last year we thought we were facing unprecedented financial challenges as a result of Covid. Introduction and Executive Summary 1.1 Introduction The Transformation Strategy and Efficiency Planġ.Statement of Accounts 2021-22 (unaudited)īudget and Financial Strategy 2022-23 Budget Setting and Associated Financial Strategies 2022/23 - 2026/27.External and Internal Communications Strategy.Council Tax Recovery and Enforcement Policy 2023.Transformation Strategy and Efficiency Plan.Statement of Gambling Licensing Principles.Rushcliffe Nature Conservation Strategy. ![]() Rushcliffe Borough Council Information Retention Schedule.Local Code of Corporate Governance 2021/22.Homelessness and Rough Sleeping Strategy.Discretionary Housing Payments Policy 2023-2024.Compulsory Purchase Order Procedure Protocol.Air Quality Strategy for Nottingham and Notts.
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