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A provisional budget that supports the council’s transition to a more efficient organisation that operates within its financial means was recommended to Full Council for approval during last week’s Executive meeting (Thursday 13 February).
The Executive supported a proposed ‘business as usual’ budget of £23.6 million to fund essential services for residents during the next financial year. It includes £2.5 million in savings that ensure unavoidable cost pressures are met and maintaining adequate reserves to cover day-to-day risks.
A key aspect of the proposed budget is a 2.99% increase in Woking Borough Council’s share of Council Tax, in line with most other borough and district councils. This would mean a Band D household would pay £298.11 per year – an increase of 17 pence a week.
To ensure that the council can continue servicing its £2.1 billion legacy debt, exceptional financial support of £171 million has been requested from central government.
Speaking about the provisional budget, Deputy Leader and Portfolio Holder for Finance and Economy, Cllr Dale Roberts, said: “Whilst the council’s complex financial situation remains, the proposed budget marks a critical milestone in the borough’s financial recovery.
“Despite the need to deliver necessary 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.
“For residents we have recommended a Council Tax increase of 2.99% which is consistent with most other borough and district councils.
"As part of this budget, we have reviewed service fees and charges to ensure that they are fair, equitable, socially responsible and affordable to the council so that we can continue to maintain discretionary services for residents.
“We remain committed to supporting local businesses and the town’s economy, for example, through parking tariffs that encourage longer stays.
“This budget reflects the priorities of a financially responsible council focused on delivering key services, whilst support the urgent need to transition to a leaner organisation that operates within its financial means.”
Following recommendation by the Executive, Council Tax, the ‘business as usual’ and associated budgets for 2025/26 will formally be considered for approval at meetings of Full Council on Thursday 27 February and Monday 3 March 2025.