Issue - meetings

Budget 2019/20 and Medium Term Financial Strategy (MTFS) and Budget 2019/20 - 2022/23

Meeting: 26/11/2018 - Cabinet (Item 38)

38 Medium Term Financial Strategy and Council Budget 2019/20 pdf icon PDF 158 KB

Additional documents:


Cllr Phil Davies

Councillor Phil Davies, Leader of the Council, said:


We have a responsibility to set a fair, sustainable and balanced budget. This is a challenge which gets more difficult every year, as austerity policies continue to bite.


Once again, this year, we are facing an almost unimaginable financial challenge. Continued reductions in our support from Central Government, combined with growing demand for our services, mean we must find ways to reduce our spending – or raising our income – by £45 million just next year.


This is on top of the more than £200 million in cuts we have been forced into delivering since austerity began. This means we must make ever more difficult decisions, but we will never shirk our responsibilities to Wirral residents. We will always find ways to use our diminishing resources to improve our borough and the quality of life our residents can enjoy.


We will invest public resources where it will deliver the most impact – in creating jobs, in improving the local environment, and in protecting our most vulnerable children, adults and families.


We will deliver on all of our promises to Wirral residents. Our medium-term financial strategy provides a budget for next year, which delivers on our priorities for Wirral and meets our principles as an Administration – it protects our most vulnerable, it shields the services our residents rely on most from the worst of the cuts, and it safeguards our workforce.


Even in these most challenging circumstances, it is a budget we can be proud of and a budget I believe Wirral residents will support.”


Councillor Phil Davies introduced a report which was part of the Council’s formal budget process as set out in its Constitution and in line with the legal requirements to set a balanced and sustainable budget for 2019/20.  The report presented an update on the Medium Term Financial Strategy (MTFS) agreed earlier in the year including details of the preparations for the following financial years.  The Cabinet was required to initiate and propose financial options to set the budget for next year.  The purpose of the report was to approve a set of proposals.


The Cabinet considered the following financial matters:


·  The approach to the preparation of the Council’s 2019/20 Budget.  It was anticipated that the Council would set a balanced budget in 2019/20 via increased income including that received from Council Tax, the implementation of a number of financial proposals that were included in Appendix 1 to the report and the use of one-off funding that would close the budget gap.


·  an update on the progress of the MTFS, a renewed version would be considered by the Cabinet in February 2019.


·  Details of the main financial challenges and changes that would occur in the next financial year.  The Council continued to face a funding gap projected at £45 million as a result of financial pressures and, in part, the planned reduction in Government grant.


This was a key decision which affected all Wards within the Borough.  ...  view the full minutes text for item 38