As part of setting the council’s 2024-25 budget, we are carrying out this Budget Consultation with residents, businesses and community organisations.
We are keen to hear your views to support the preparation of the 2024-25 budget and are mindful of the impact of the cost-of-living crisis on the local economy.
Local elections were carried out in May 2022 in which residents have already demonstrated their views on a range of issues including budget prioritisation.
However, the council would still appreciate the views of residents who wish to respond to the budget consultation and help shape the future direction of theContinue reading
As part of setting the council’s 2024-25 budget, we are carrying out this Budget Consultation with residents, businesses and community organisations.
We are keen to hear your views to support the preparation of the 2024-25 budget and are mindful of the impact of the cost-of-living crisis on the local economy.
Local elections were carried out in May 2022 in which residents have already demonstrated their views on a range of issues including budget prioritisation.
However, the council would still appreciate the views of residents who wish to respond to the budget consultation and help shape the future direction of the council.
This year the council is spending £1.4 billion gross expenditure (£445.5million net expenditure budget) on public services to support people and improve lives.
Almost half of our net budget is spent on supporting children and vulnerable adults.
The cost-of-living crisis has had a huge impact on our services and finances through inflationary pressures on energy, food and labour. This is a challenging backdrop to set a budget for the coming financial year.
We’ve worked hard to make over £200m in savings since 2010, as our budget has been cut by the government and we’ve been squeezed by additional demand.
The additional expenditure and income pressures that have now been experienced alongside increasing demand for services and expected changes to government funding, mean that we still need to look at achieving savings.
Over the next two years, it is expected that the council will be required to make savings of £40m.
The required savings are subject to ongoing uncertainty as this will depend on both the extent to which the government provides funding in support of the cost-of-living crisis, inflation levels and demand pressures.
Despite challenges from budget cuts, increases in the number of vulnerable residents and a rising population, we are proud to continue our investment in frontline services and we have one of the lowest council tax rates in London.
The council has made several tough choices to minimise the impact on those services residents have told us that they rely on the most.
We have reduced our running costs and been more efficient in how we deliver services including reshaping our workforce. We must make the most of the money we have, as well as continuing to look at innovative ways to generate income.
This consultation is your chance to get involved in the budget conversations and to help us shape the future for all in Tower Hamlets.
