Annual report 2023/24

What we need to spend

We need to spend approximately £590.5min 2023/24. This will be offset by income of £424.1m. This means our net expenditure in 2023/24 will be £166.4m. We need to raise a large portion of this money through Council Tax.

We use this budget to provide hundreds of services to residents of the borough. We can choose whether to provide some of these services or not. However, many are statutory, which means they must be provided by law. Some of these services are familiar to everybody, such as waste collection and road maintenance. Other services often go unseen, such as:

  • providing foster carers for children in crisis
  • providing care for older people
  • support for rough sleepers
  • providing education for children with special needs

80% of this year's budget will be spent on helping those who need it most in our community. As demand for these services, which are mostly statutory, is continuing to increase, it means a lot less can be spent on other services.

We also provide a council housing service, which is funded by rents and service charges from tenants. This is completely separate to the services funded by Council Tax income.

Income and expenditure by service area

The finances are broken down into different service areas in the table below. This shows the total amounts being spent on each service and the income that offsets some of the costs.

Service area Total amount of money we will spend
(£000)
Income (from rent, fees & charges, specific grants etc.)
(£000)
Amount of money we will spend minus income
(£000)
Education (Dedicated School Grant and pupil premium) 236,253  (236,253)   0
Resources - Enabling 22,872 (4,445) 18,427
Resources - Finance and assets 86,978 (98,555) (11,577)
Resources - Operations 27,732 (11,219) 16,513
Children Services 66,077 (9,306)  56,771
Adult Services and Public Health 133,875 (53,902)  79,973
Economy and development 16,712 (10,393) 6,319
TOTAL 590,499 (424,073) 166,426

General reserves

We put aside a certain amount of money to cover any unforeseen costs. We plan to hold £8.3m in general reserves in 2023/24.

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