Council budget approved for next financial year

Thanet District Council has unanimously approved the budget for the financial year 2022-23 at a Full Council meeting held tonight (Thursday 10 February).

The budget funds all services the council provides to residents, communities and businesses throughout the year and follows Cabinet approval on Thursday 27 January.

The report covers next year’s budget and the Medium Term Financial Strategy 2022-26. It includes more resources for local services, a review of the council’s reserves and an increase in the Thanet Council element of Council Tax for next year. It also highlights the savings made in order to protect key services.

Cabinet Member for Finance, Cllr David Saunders said:
“We have tonight approved a budget that fulfils the council’s statutory duty to deliver a balanced budget.

“It is now well versed that we were forecasting a significant budget gap, but with a planned and cautious approach, combined with an efficient savings plan, we have been able to balance our budget.

“This has been supported in-part by additional Government funding. Much of this funding is temporary however, and we will continue to give careful consideration to its use, allocating these resources in the most appropriate and prudent way possible.

“Despite the additional funding we have received it has been necessary to find budget savings. One of our priorities throughout the budget setting process has been to protect jobs as much as possible, and a key component of our budget strategy has been to look for savings from vacant posts. I am pleased to present savings of £250,000 from this review.

“In addition to this, we have also found almost another £400,000 from further savings, efficiencies and income generation opportunities. In addition, the agreed increase in Council Tax, at £5 per Band D equivalent property, represents an increase of less than 10p a week for each household. We understand that this increase will come at a time when many residents and local businesses have been impacted significantly by the pandemic, however the budget approved tonight will ensure that we are able to continue to deliver vital public services and support to our most vulnerable residents, from a solid financial footing.”