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A budget that supports the council’s transition to a more efficient organisation that operates within its financial means was approved by Council during last night’s extraordinary meeting (Monday 3 March).
Councillors agreed a ‘business as usual’ budget of £23.6 million for the next financial year that will fund essential services for residents. It includes £2.5 million in savings that ensure unavoidable cost pressures are met and maintains adequate reserves to cover day-to-day risks.
To ensure that the council can continue servicing its £2.1 billion legacy debt, Government will provide exceptional financial support totalling £171 million.
The package of support will enable the council’s debt repayment provision, known as Minimum Revenue Provision, to be deferred. In addition, a 'capitalisation direction’ will enable it to treat some unaffordable revenue costs, such as interest payments for its debt, as capital and to be met by borrowing. Both represent positive steps, but it remains essential that a longer-term solution to address the council's debt position can be found.
As part of the budget, Woking Borough Council’s share of Council Tax will rise by 2.99% from 1 April 2025.
This rise means that a Band D household will pay £298.11 per year, an annual increase of £8.68 equivalent to less than 17 pence a week, for services such as waste and recycling collections, planning service, parks and green spaces.
Woking’s charge will be added to the amounts set by Surrey County Council (£1,846.35 for Band D households) and Surrey Police and Crime Commissioner (£337.57 for Band D households).
In total, Band D households will pay £2,482.03 in Council Tax during 2025/26.
Cllr Ann-Marie Barker, Leader of Woking Borough Council, said: “Whilst the council’s complex financial situation remains, the budget for the forthcoming financial year is a critical milestone in the borough’s financial recovery.
“I welcome the exceptional financial support from Government without which we could not set a balanced budget. It gives us flexibility to deal with our financial obligations without impacting front-line services.
“Despite the need to deliver savings and live within our means, this budget enables us to continue supporting our communities by maintaining discretionary services and prioritising investment in housing and homelessness support.
“Whilst the future remains difficult and challenging, I am determined that Woking will continue its recovery and continue its transition towards a smaller, more efficient council focused on delivering essential services to local people.”
Council Tax hardship discount fund
To support those struggling to pay rising bills, councillors agreed to allocate £100,000 to the council’s discretionary hardship discount fund.
Households should expect to receive their Council Tax bill for 2025/26 shortly.
Find out more about Council Tax and manage your account online
Find out more about Council Tax hardship relief