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Medium Term Financial Plan (MTFP)

We review our budgetary position each year and produce a rolling 3-year plan

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Contents

We review our budgetary position each year and produce a rolling 3-year plan

IntroductionSummary

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Introduction

The Council reviews its budgetary position annually and produces a rolling 3-year plan, known as the Medium Term Financial Plan. This plan considers the financial climate at both the local and national level together with available resources and budgetary pressures in arriving at a financial strategy. The budget for 2022/23 was the last Somerset Council Medium Term Financial Plan to be approved, with the new Somerset Council starting in April 2023. Find more information about the new Somerset Council.

The Medium Term Financial Plan provides a focus on both revenue expenditure (day-to-day running costs of providing services) and capital expenditure (long-term investment in infrastructure, like schools and roads), as well as setting out the Council’s overall financial strategy. Along with the Medium Term Financial Plan publication, the Council has also produced a separate capital strategy document which concentrates on its policy relating to an investment in public assets.

The Council set a balanced revenue budget for 2022/23 as part of the Medium Term Financial Plan. This included setting a progressive capital programme of continued investment in its operational assets. The meeting of Council on Wednesday 23 February 2022, Somerset Council, agenda item 7, contains the full suite of documents including:

  • the 2022/23 budget detail by service
  • a list of transformation, savings and income-generation proposals
  • additional financial requirements
  • Capital and Treasury Management strategies – both contain various statutory prudential indicators.

Summary

The following points summarise the key information for Council Tax setting as part of the balanced budget:

  • A General Fund net revenue budget for 2022/23 of £378,646,000. This contains:
  • A total precept requirement of £279,841,541 and set the Council precept for Band D council tax charges at £1,394.00 for 2022/23.
  • An increase in Council Tax of 1.99% in 2022/23 (equivalent to an increase of £26.94 per Band D property).
  • An increase of 1.00% to Council Tax for the Adult Social Care Precept (equivalent to an increase of £13.54 on a Band D property).
  • Continuation of the Council Tax precept of £12.84 within the base budget for the shadow Somerset Rivers Authority (representing no increase).

Spend on revenue service:

Schools are fully funded through Dedicated Schools Grant – £236m for 2022/23 
9% is special grants income 

  • A total capital programme for 2022/23 of £110.2m, of which new capital bids approved of £48.4m.
  • A gross revenue budget of £865.9m. This is funded by the following sources of income:

Last updated: February 7, 2024

Next review due: August 7, 2024

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