Cherwell District Council has approved its 2024/25 budget and future investment priorities.
Published: Tuesday, 27th February 2024
At its meeting on Monday 26 February, Full Council confirmed a net budget of £27.0 million for the 2024/25 financial year and agreed to £40.4 million of capital programme expenditure over the next five years.
The council has worked hard to effectively manage the financial challenges that local government faces due to inflation and the increasing cost of living. To achieve this, the council found savings and operational efficiencies worth £1.7 million and funds of £608,000 to address further budget pressures.
This financially responsible approach has helped achieve a balanced budget for 2024/25 and ensures the council will maintain and improve vital services such as waste collections, housing, planning, and enforcement.
As part of the revenue budget, there will be a slight increase of £5 in district council tax for 2024/25, resulting in a Band D charge of £153.50. This increase equates to a 3.4 per cent rise.
The confirmed budget was determined following a public consultation held in late 2023, and the Executive recommended the budget to council in February.
In approving the revenue budget that funds daily services, the council is investing in projects to promote healthy communities, strengthen the economy with vibrant towns and centres, ensure appropriate housing, and commit to the climate change agenda.
New initiatives backed by capital funding include £1.6 million for new 3G synthetic grass sports pitches at North Oxfordshire Academy, £600,000 to further develop Activity Play Zones, and £125,000 for sustainability projects.
The budget includes a request from the Progressive Oxfordshire group for £129,000 to keep some fees and charges at their current levels and to provide ongoing funding for public conveniences at Pioneer Square in Bicester.
Councillor Barry Wood, Leader of Cherwell District Council, said: "The approved budget and our financial strategies reflect our commitment to financial prudence and forward-thinking. Responding to inflationary impacts and changing circumstances all councils face, our sound financial planning includes identifying appropriate savings and funding sources, managing our assets, mitigating risks, and, crucially, investing in the future of Cherwell to benefit our residents and communities.
“A key priority for this council is to continually build our reserves so that we can face future challenges head on. We are therefore able to include the amendments voted through by councillors using contingencies already built into our plans for the coming financial year without altering the overall balance of the budget.
“Our proactive and diligent approach demonstrates how we continue to offer our residents and businesses high-quality services. It also helps secure economic growth, provides appropriate homes, promotes health and wellbeing and encourages climate action. We look forward to continuing to work towards a sustainable and prosperous future for Cherwell.”
Councillor Adam Nell, Deputy Leader of the Council and Portfolio Holder for Finance, said: “Financial responsibility is a cornerstone of a well-run council and this budget balances the need to be realistic about the challenges facing councils everywhere, with prudent investments that support our vision for a district which is a great place to live and work.
“We take a forward-looking approach to financial management, and are successful in encouraging economic growth across the district, all of which helps keep us on a sustainable footing in the medium term. Our plans for the coming financial year protect the high quality services that our residents value and represent good news for everyone living in north Oxfordshire.”