Budgets

 

bar chart showing spending plans 2021/22 compared to 2020/21

pie chart showing gross income for 2021/22 pie chart showing gross income for 2020/21

Financial targets are set for all the areas of activity that are undertaken by the County Council. Day-to-day expenditure and income are referred to as revenue and investment in assets is referred to as capital.

Elected members approve all budgets of the Authority and throughout the year monitoring of expenditure and income is undertaken to ensure that spending remains under control.

The funding for the budget currently comes from several sources including Council Tax, business rates and government grants, fees and charges.

The 2021/22 Budget is set in the context of the ongoing COVID-19 global pandemic. The virus has had a devastating impact on public health, social care, the NHS and the economy. The national response has cost billions of pounds and has seen national debt rise to over £2 trillion; levels not seen since the last world war.

In November the Chancellor announced a Government Spending Review (SR2020); it had been hoped that it would be a multi-year spending review, but this was not the case.

The one-year spending review was followed in December with a one-year provisional settlement. Whilst not a generous settlement, it is better than it might have been in the current economic climate and has allowed the authority to set a balanced budget with only modest savings being required.

There is a significant level of uncertainty around the Authority’s sources of funding after 2021/22, including a new Comprehensive Spending Review (how much government funding will be available to local government), the fairer funding review (how that government funding will be shared between different types of authority) and changes to the share of business rates retained locally.

There is also the uncertainty of the impact of leaving the EU will have on the wider economy and public sector funding.

In addition, the authority needs to have sufficient reserves and balances to offset the cash spent on the significant projected deficit on the High Needs block for Dedicated Schools Grant.

Budget

Revenue and capital outturn

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