Latest news with #budgetgap
BBC News
08-07-2025
- Business
- BBC News
Sheffield City Council 'grappling' with £70m budget shortfall
Sheffield City Council says it is "grappling with significant financial challenges" as it forecasts a budget gap of £70m over the next four years.A council report said the shortfall was in part due to continued pressure on high-demand services such as social care and the "situation remains tough".It comes on top of a series of recent financial challenges due to rising costs and reduced funding, which resulted in an overspend of £34.7m for report said: "The current overspends relate to ongoing pressures in key areas including persistent demand and cost pressures in social care, growing needs in special educational needs and home-to-school transport, and an unprecedented surge in homelessness." The report adds: "The council has been able to mitigate these issues in previous financial years using one-off funding and reserves however, these are not long-term solutions for financial sustainability."According to the report education, children and families overspent by £16.6m, including an extra £6m in home to school transport, due to the increased demand, with over 1,000 more children being transported to/from school than homelessness support went £11.7m over budget. The report said: "The government does not fully subsidise all housing benefit payments made by the council, even though it sets the rules that determine the amount the council has to pay."In 2023-24, the council incurred a loss of £4.9m as a result of the legislation relating to temporary homelessness and £3.5m relating to supported accommodation."The council is essentially bridging the gap between the cost of the accommodation and the amount we are able to recover via housing benefits."Councillors will discuss the report at a meeting on Thursday, 10th July. Listen to highlights from South Yorkshire on BBC Sounds, catch up with the latest episode of Look North
Bloomberg
04-06-2025
- Business
- Bloomberg
CBO Tariff Math Misses Point: Sen. Welch on US Budget
Senator Peter Welch (D) Vermont talks about the Congressional Budget Office projecting President Trump's tariffs will cut the budget gap by $2.8 trillion and discusses why he disagrees with the CBO stating American businesses and consumers will have to pay more. He also talks about whether or not he would get rid of the debt ceiling. Senator Welch speaks with Kailey Leinz and Joe Mathieu on the late edition of Bloomberg's "Balance of Power." (Source: Bloomberg)
Bloomberg
15-04-2025
- Business
- Bloomberg
Mauritius' Revised Fiscal Gap, Debt Shows Deep Budget Hole
The new administration in Mauritius has revised its estimate of the budget-financing gap for a second time, sending the ratio close to three times the initial estimate. The Finance Ministry now sees the fiscal deficit at more than 9% of gross domestic product for the year that ends in June. That compares with 6.7% of GDP forecast in December and 3.4% in a budget prepared by the previous government.
Bloomberg
14-03-2025
- Business
- Bloomberg
Romania's Credit Rating Outlook Cut by Moody's on Budget Risks
Moody's Ratings lowered Romania's credit score outlook, raising the risk it could be cut to junk as political turmoil hinders efforts to narrow the budget gap before a presidential election re-run. Moody's cut the outlook on Romania's Baa3 score, the lowest investment-grade level, to negative from stable, the credit assessor said in a statement Friday, while affirming the rating. The move comes after S&P Global Ratings and Fitch Ratings took similar decisions in January and December, respectively.
