Financial overview
We strive to provide the public with value for money services. Over recent years we have worked hard to make efficiencies to ensure that services are maintained within our available funding.
It is a statutory requirement under the Local Government Finance Act for the Fire Authority to produce a balanced budget.
Medium-Term Financial Strategy
Each year we update our Medium-Term Financial Strategy (MTFS).
The MTFS provides an overarching view of the way in which the Fire Authority’s finances will be managed and it brings together various related financial strategies in one cohesive document. It demonstrates how the Authority’s resources are used to support its CRMP.
Within the MTFS, the medium-term financial plan forecasts funding requirements, based on a set of assumptions. In common with other public sector services, we continue to face challenging financial circumstances. This is reflected in the budget forecasts, which indicate an increasing risk of funding deficit. An efficiency strategy outlined in the MTFS has identified ways in which we will be seeking to make savings, to mitigate this risk.
How we are funded
The Fire Authority is funded through a combination of income from council tax, income from business rates and a share of central government grants. The Service also generates a small amount of income. This is through rents, fees and charges, and investments.
Our budget for 2025-26 is £55m.
What we spend
We spend our budget in the following areas:
Capital spending
Within the MTFS is the Service’s Capital Strategy. This details how the Authority will invest in projects in areas such as fleet, estates, equipment and ICT. Our capital expenditure is largely funded through borrowing.
Plans for capital expenditure during this CRMP include:
- A new community fire station to replace Stockhill station
- A new emergency call handling and mobilising system
- New fleet including new fire appliances, a new Aerial Ladder Platform and other specialist vehicles
- New equipment including specialist operational equipment for dealing with road traffic collisions
- New operational personal protective equipment
- New technology including ICT replacement and system upgrades
In 2025-26, we will invest £8m across these areas.
Assurance
Our spending is scrutinised through the Fire Authority, both through the Finance and Resources Committee and the full Fire Authority meetings. Internal and external audits are also undertaken to provide a further level of assurance for the communities of Nottinghamshire.
The internal auditors provided a rating of substantial assurance for 2023-24. The external auditors commentary on value for money for 2021-22 and 2022-23 reports no significant weaknesses. They found the Fire Authority had proper arrangements in place in relation to financial sustainability, governance and improving economy, efficiency and effectiveness.
We compare well to other services in England. According to information compiled by HMICFRS, our overall expenditure per head of population is £40.92, compared with a national benchmark of £46.66. Our firefighters cost £23.98 per person per year, compared to a national benchmark of £26.96.