Financial Information
Revenue Budgets
The Council’s 2009/2010 revenue budgets provide for gross expenditure of £753m. This equates to £3,191 for every Wolverhampton resident. Of this, £294m (39%) is for Children and Young People’s services, £159m (21%) is for services for Adults, and £77m (10%) is to be spent on Council Housing. Specific Government grants, fees and charges contribute £438m to the funding of these services, while general grants make up £141m, Council rents and service charges £79m, and Council Tax a further £93m.
The Council is presented with a highly challenging medium term outlook. During 2009/2010 savings totalling £14m need to be delivered, this will increase to a minimum of £25m in 2010/2011 and yet further in 2011/2012 and beyond. Good progress is being made against the delivery of the 2009/2010 savings target, as at the end of July 2009 £8m had already been fully implemented.
Capital Spending
The City Council Capital Programme has grown very sharply over recent years and this trend is sustained over the current medium term. In total capital expenditure of £514m is planned over the three year period 2009/2010 to 2011/2012. Of this total, £226m relates to the Housing Capital Programme and £288m relates to the General Fund Capital Programme. This reflects the Council’s success in securing additional external funding, particularly from the Government for Building Schools for the Future and for Decent Homes. Other areas of significant investment over this period are the Primary Schools Rationalisation Scheme, Transport, including the City Centre Interchange and i54 projects, Leisure and culture, with a new Leisure Centre being built in Bilston and the development of the Council’s Information and Communication Technology.
