Council Budget 2023/24
Council Tax 2023/24
On 8th February 2023 Shetland Islands Council sought the community's thoughts on a potential rise in Council Tax ahead of a key meeting to set rates on 22nd February. A short survey is now available online for the public to complete. The survey is open until 5 p.m. on Friday 17th February. There’s also a document giving more information on the background to the budget-setting process for the year, and some of the specific issues which are likely to go before elected members in March.
Council Budget 2022/23
The Shetland Islands Council’s 2022/23 budget will ensure that council-provided services across Shetland continue to deliver the best outcomes for Shetland in line with Council’s Corporate Plan “Our Ambitions 2021-26 and the Shetland Partnership Plan.
The Council delivers a wide range of services to the Shetland public and in 2022/23 we are to spend £184 million on these.
The Council manages a number of budgets:
- General Fund - for general day to day operational purposes - £140m
- Harbour Account - for the operation of various ports and harbours - £18m
- Housing Revenue Accounts - for the council's social housing stock - £6m
- Capital Account - for asset investment projects - £20m
In addition we are the administering authority for the Shetland Islands Council Pension Fund. The Pension Fund has an operational budget for 2022/23 of £20m.
The Pension Fund website contains information regarding pensions.
The Finance Service manages investments for both the Council and the Pension Fund, where both portfolios are diversified to reduce risk and have separate investment strategies. Risk is managed by having multiple fund managers, investments in different asset classes and by spreading the investments across the world.
At 31 March 2021 the value of investments was:
- Council Investments - £423m
- Pension Fund Investments - £590m
Medium Term Financial Plan
The current 2021-2027 Medium Term Financial Plan approved on 19 January 2022 sets out the financial plan for the next 5 years. A key focus will be on sustainability whilst meeting service demands in today’s challenging environment.