Posted on: Tuesday 27 February 2024
Today, Torfaen Council approved the final budget proposals for 2024/25 and set a council tax rise of 4.95 per cent.
The report, which was supported by councillors, will see a typical band D council tax bill rise by £73.13 next year (or £1.41 a week) to £1,550.57 from April, and sets out:
- An uplift of £3.18 million or 4.32% for schools and an extra £462,000 to extend Crownbridge School
- £37.6 million for social care services for adults
- £23.7 million for social care services for children
- Funding to support nearly 10,000 Torfaen homes through the Council Tax Reduction scheme
- Waste and Recycling £9 million, Highways £4.1 million, Streetscene £3 million
- £517,000 to meet rising energy and fuel bills in the economy and environment directorate
- £357,000 to address cost pressures in waste and recycling
- £250,000 to help school leavers into apprenticeship and employment with the council
- Over £7 million to fund employee pay and pension inflation
- One off funding for Greenmeadow Community Farm, totalling £576,000, to support the costs of closure for the redevelopment, prior to re-opening in 2025.
The council's net budget is £232 million which with income and specific grants amounts to a gross budget of £342 million for 2024/25.
The council received a 3.49% per cent or £6 million uplift in Welsh Government general funding, equating to a total £178 million from Welsh Government for the next financial year.
Councillor Sue Morgan, Executive Member for Resources, said: “This is the third consecutive year that Torfaen has approved one of the lowest council tax increases in Wales. However, it is always worth remembering that council tax represents only around 16% of our total funding, with the majority coming in the form of the general grant from Welsh Government.
“Even in these dire days for local government finance, this budget will keep vital local services going and keep council tax bills as low as possible. We have overcome a financial gap of over £11 million to deliver this budget through taking a calm and corporate approach with robust financial management; internal savings; and service changes that have the minimum possible impact on the public. We appreciate that inflation and the cost of living is putting financial pressure on everyone, so the council has a Council Tax Reduction Scheme, that prioritises support to nearly 10,000 homes on low incomes.”
Councillor Anthony Hunt, the Leader of Torfaen Council said: “The council’s financial outlook remains really challenging with a £35.2 million funding gap projected in Torfaen over the next four years. Given the significant pressure we anticipate in 2025/26, our financial planning never stops and work on the next budget is already underway.
“It is also worth noting that around £49 million will be invested into the borough in the form of Capital Works next year, including investment into a new Maendy Primary School; extending Crownbridge school; the construction of 2 new all-weather sports pitches; continued investment in the redevelopment of the Community Farm; and continued support for disabled facility grants to help people remain in their homes.”
The council also collects the precepts for the borough’s community councils and the Police and Crime Commissioner for Gwent, the latter precept has risen by 7.7 per cent to £349.52 per household.
To view the report, visit the council's website