Monday 9 September 2024
A report on the council’s finances up to the end of July 2024, four months into the financial year, will be discussed on Monday 16 September during the Cabinet meeting.
The Cabinet will address ongoing financial pressures and the actions being taken to reduce a forecast overspend of around £8.1m by 31 March 2025. The goal is to deliver a balanced budget.
The report highlights significant national issues, particularly the rising costs in children’s social care. The average cost of a residential social placement now stands at £335,000 per annum per child, an increase far above inflationary rises since 2016/17. This cost is 67% higher than in 2021/22 and has increased by 18% from 2023/24. Other pressures include:
- £670,000 forecast overspend in waste disposal fees for non-recycled waste.
- 35% increase in temporary accommodation usage, leading to a £440,000 overspend.
Although inflation has decreased, existing high prices continue to exert pressure across most service budgets.
Council Leadership Comments:
Cllr Daniel Cowan, Leader of the Council, stated:
“This is the first financial report of the year and, like previous reports, shows the challenges we face as a council and the actions we are taking to address them. We remain committed to delivering the modernisation and transformation needed to balance the budget by the end of the financial year.”
He urged residents to help by recycling as much as possible:
“A simple way residents can support is by ensuring they recycle everything they can, which will help reduce waste disposal costs. More information on recycling can be found on our website.”
Cllr Paul Collins, Cabinet Member for Finance, Assets, and Investments, added:
“The current forecast overspend of £8.1m, representing 2% of our gross budget, requires continued action to bring it back in line by March 2025. While we manage our finances well, 84% of the budget pressures come from statutory social care services. We will continue to engage with the Government for a better financial settlement to plan for the future.”
For more information on the budget and council services, visit [Council’s Website].