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Budget

Our spending plans for 2021-2022 were approved on Wednesday 17 February 2021.

These plans include the revenue budget (our running costs) and the capital programme (which funds land, buildings and roads).

The revenue budget includes our spending on day-to-day services, such as provision of care to older people, maintaining our parks and collecting waste.

Setting our budget has been particularly difficult this year:

  • At the time of setting the budget, we do not know what the full cost of the Covid 19 pandemic will be;

  • The pandemic came after 10 years of Government cuts to our budgets. Our government grant in 2020 was over £100 million less than it was in 2010;

 

  • We do not know how the Government will seek to balance the books when the pandemic is over; nor the implications for our government grant in 2022-2023;

 

  • We do not know what the lasting effects of the pandemic will be, including the extent of economic hardship in the city.

 

For these reasons, we have set a “stop gap” budget for 2021-2022. This provides essential additional funding for social care, for public health and to mitigate hardship caused by the pandemic, but otherwise is essentially unchanged from the previous year. I intend to undertake a much more comprehensive review of the council’s finances at a time when there is more certainty.

The capital programme includes funding for major investments in the city and for work of lasting benefit. Most of the money we spend comes from government grants and the proceeds of selling land and buildings.

Our revenue budget and capital programme for 2021-2022 can be downloaded below.