Tough decision but a balanced budget
Posted January 2023
We approved a balanced annual budget after making the tough decisions needed to ensure that we remains financially sound and protects those most in need.
Financial pressures, high costs and inadequate Government funding have meant significant savings need to be made, causing the challenge of setting the budget (for April 2023 to March 2024) to be one of the toughest the council has ever faced.
However, we are confident this robust and balanced budget will ensure financial security for the borough and allow it to continue to spend money where it is most needed – with approximately 60% of the budget allocated to adult and children’s services.
Wokingham Borough continues to receive the least funding from central government per resident of any unitary authority in the country – £30million per year less than if it was funded in the same way as the average unitary authority – at a time when our residents need support the most.
The budget proposal sets out how we have saved almost £12million in service efficiencies, of which more than £10million comes from cost reductions.
This has helped limit the impact on council taxpayers, but the increase in costs and needs, combined with low government funding, has made increasing council tax inevitable.
The proposed increase in the borough council’s element of council tax will be 4.99% - this includes a 2% adult social care precept. 1% of the increase will be ring-fenced as a reserve to reduce historic and projected overspends on special educational needs.
How your council tax money is spent
The average Band D Council Tax for 2023/24 (including the fire service precept, police precept and average parish council precept is proposed to be £1,751.84.
This coming tax year (2023-2024) we are working on a budget of just under £157million from council tax. We have broken down how each £1 of your money is split over the five areas of the council to fund all we do. We have also listed the main services that are part of each area.
35p: Adult Social Care - including Adult Safeguarding, Adult Social Care and Public Health
23p: Children’s Services - including Child Safeguarding, Children’s Social Care, Corporate Parenting and School Support
29p: Place and Growth - including Transport and Highways, Waste and Recycling, Planning, Community Safety, Parks and Open Spaces
7p: Resources and Assets - including Finance, Governance and Democratic Process, Procurement, Property and Assets
6p: Chief Executive’s Office - including Libraries, Climate Emergency, IT, Community Engagement and Communications
Help and support available
Due to the current cost of living pressures, additional funds from the council to support residents are being provided.
Most recently, we approved an additional £100,000 to help those who may experience financial difficulties in paying their council tax.
We have also set aside £250,000 to help those struggling to afford the basics as the long winter draws on during this cost of living crisis.
Full details of the proposals are included in the agenda papers for the council meeting.