Cotswold District Council is committed to strengthening its financial stability and resilience
Councillors have been informed that the council is working to grow its income and manage costs to cope with expected reductions in funding from the Government.
Deputy Leader and Cabinet Member for Finance, Cllr Mike Evemy, brought a motion before full council at its meeting last month, to outline his work with officers to produce a budget for 2020/21.
Cllr Evemy, said: “The Council's revenue budget (for day-to-day spending) is highly dependent on the scheme for retention of business rates and its New Homes Bonus grant. We're expecting a large reduction in income from them when the system for funding local government changes in April 2021.”
The Council is focusing on building its financial stability and resilience. It’s planning to do this through prudent financial management, growing its income through making better use of capital assets and reviewing the use of revenue reserves, as well as through the effective management of its cost base.
All of this work is to support its policy goals outlined in its new Corporate Strategy, also agreed last month.
Cllr Evemy, added: “We need to rebuild our council’s finances so we can invest in our District, particularly with the real possibility of budgets shrinking for district councils across the UK. We will certainly have some tough decisions ahead of us in the future."
Just eight per cent of the revenue from council tax paid by its residents goes to Cotswold District Council compared with the average for Gloucestershire districts of 10 per cent and the national district council average of 11 per cent.
The Council's Cabinet will discuss the proposed budget for 2020/21 in December. The Council will then consult with residents, business and community organisations for their views on the budget before a final decision is made in February.