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Council outlines actions to balance its budget for 2024/25
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A report outlining actions to balance Walsall Council’s budget for 2024/25 is to be discussed at a Cabinet meeting on Wednesday 13 December 2023.
These actions are needed to close a £12.35 million gap and the report sets out the process and timescale for setting a balanced budget for 2024/25.
“ I am confident that our track record of strong and robust financial management will achieve a balanced budget for 2024/25.
Unprecedented cost of living increases and rising demand on many of our services, particularly within adult social care and children’s services, are causing significant pressures and have made this very challenging. We know that many of our residents are finding it hard, so our proposals have taken this to account. “
Following a recent Peer Review organised by the Local Government Association, Walsall Council was described as having sound financial management and planning, however, the current climate of cost of living, inflationary and demand pressures is still a significant challenge for Walsall, as it is for many other local authorities.
Public consultation on the budget and proposals for spending, efficiencies and council tax closed on Sunday 10 December 2023. Outcomes and recommendations from the consultation will be considered, and the final budget will be presented to Cabinet on Wednesday 7 February 2024, before Full Council considers and approves the budget on Thursday 22 February 2024.
The council is proposing a 2.99% general council tax increase and a further 2% precept for adult social care. The proposals are equivalent to an increase of 16 pence per day (£1.14 per week) for an average Band D property.
Following a review of the medium-term financial strategy (MTFO), the financial gap has been reduced from £18.06 million to £12.35 million. Further savings will need to be identified between now and February 2024 to ensure a balanced revenue budget for 2024/25.
Changes have been made to the draft capital programme resulting in a revised draft capital programme of £121.99 million in 2024, and a further £217.46 million over the three years to 2027/28.
This contains significant investment into regeneration initiatives, highways and education. It also outlines investment into adult and children’s social care and housing to support vulnerable households through the provision of aids and adaptations.
The full financial impact of the Chancellor’s Autumn Statement, announced on Wednesday 22 November 2023, will not be known until receipt of the draft settlement. This is expected sometime later this month.
Notes to the editor
- As a local authority, Walsall Council has a statutory duty to deliver specific services within the borough for all people and communities in Walsall. This includes a wide range of core services such as refuse collection and recycling, roads, planning applications, leisure, education, libraries and countryside services, and care services for adults and children.
- To view the budget proposals for 2024/25, visit the Council’s Committee Management and Information System (CMIS)
- For more information about the Council’s vision, values and key areas of focus, please read Walsall Council’s Plan 2022-25 - on the Walsall Council Website
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