About Our Current Budget
We have agreed our budget for 2018/19.
Just over £20m will be invested in new and existing projects up to March 2020 and a further £2.7m of council capital funding is also being set aside towards developing ‘The Forum II’, an educational, cultural and business space for the digital, cultural and creative industries.
This additional investment means that some £192m of capital investments will made into the Borough over the next four years.
The new investment approved includes adding a further £10m to the current budget for investment in commercial property if and when appropriate opportunities arise, £3.7m on highways schemes, £1m for fire improvement works, £875,000 to convert the former Beecroft Art Gallery, £400,000 to create a small number of local residential care places for children, and £750,000 to get the Better Queensway project to the next stage of development.
The new investment would take the approved capital programme for 2018/19 to 2021/22 to £192m of which the level of external funding to support this investment will be £72m. For 2018/19 alone, the investment in the Borough will be £92m.
In addition to the capital investments approved, council tax will rise 4.49% (2.99% for general use and 1.5% for adult social care), as the council seeks to save £9.7m from its revenue budget in 2018/19. This follows another reduction in the main grant the council receives from central Government of £4.4m (29% reduction). The main Government grant now accounts for just 8% of the council’s net budget, compared to nearly 50% six years ago.
As a result, £7.215m of departmental savings and new income will be made, plus £379,000 from Public Health. In addition, council reserves of £2.5m will be used to smooth the council’s budget gap over the next three years.
Full details of the 2018/19 budget can be viewed on the democracy website.
Page last updated: 26/02/2018