Posted on: Wednesday 17 January 2024
The Council is nearing a balanced budget, having identified £2.8m in further savings since the draft budget in November.
The budget proposals also assume a council tax increase of 4.95% - expected to be one of the lowest increases to council tax across Wales.
Council Leader Cllr Anthony Hunt said: "We do have to balance our budgets and we do have to make the difficult decisions that are necessary. Because if we didn’t the alternatives would be even worse and would result in greater cuts.
"People have seen the reports, over the border in England, over the past couple of weeks about the number of councils that are in real financial difficulty. It has a real-world impact on people who rely on services and also the people who work to provide those services."
The proposed savings include revised estimated spending and funding allocation within Children and Families and Adult and Communities directorates, reductions and efficiencies in administration and continued energy efficiency savings in council-owned buildings.
Funding for essential services including education and social care is in place to ensure rising costs are met and services are protected.
In December, the Welsh Government announced the council's annual settlement would increase by 3.24%, which was above what had been anticipated.
As part of the budget pre-Christmas the council identified £5.2m of internal savings by reducing building energy costs, service efficiencies and reductions in the workforce.
Cllr Sue Morgan, Executive Member for Resources, said: “We face a big challenge to maintain our services and an even greater one in achieving improvements for our communities, but we remain committed to both of those aims.
"I am pleased to see that Torfaen is already seeing its way to a balanced position for 2024-2025. I know that our endless pursuit of improvements and value for money means that we have to be both realistic and, importantly, open to change."
Residents are now being asked to give their view on the proposed savings and council tax increase. Have your say, via Get Involved Torfaen before 5pm on Tuesday 30 January.
To read the report and for further information, visit (Public Pack)Agenda Document for Cabinet, 16/01/2024 10:30 (torfaen.gov.uk)