Council begins budget-setting process
The Vale of Glamorgan Council has begun its 2023/24 budget-setting process.
Formulated annually, the budget indicates the Authority’s income and expenditure for the next financial year.
Though the amount of funding provided by Welsh Government is still to be confirmed, even the most optimistic estimate will leave the Council facing difficult decisions on how to fund an extraordinary level of cost pressures.
A report to be considered by the Council’s Cabinet next week illustrates the significant shortfall between money projected to come in and the figure needed to maintain services at current levels and respond to emerging needs.
The Council is working hard to address this issue, which is one facing Authorities, businesses and individuals across the Country.
A volatile economic environment that has seen energy prices rocket alongside significant rises in inflation and interest rates has had a major effect on the Council’s financial position.
Cllr Lis Burnett, Leader of the Vale of Glamorgan Council said:
“The current economic climate is extremely tough for everyone, and the Council is no exception. Our financial situation is absolutely unprecedented as we bid to overcome a considerable funding shortfall. Never before have we been in such a challenging position.
“The process of setting the budget will require difficult and potentially unpalatable choices to be made. I want to be open and honest with residents about that.
“However, we will continue to look for new and innovative ways to overcome these challenges and the views of the community will play a key role in deciding the way forward.
“Of paramount importance is protecting the essential services relied upon by our most vulnerable residents.
“Providing social care and free school meals may come at a price, but the cost of removing these services would be catastrophic.”
Once budget proposals have been considered by Cabinet, they will go before Scrutiny Committees and undergo a public consultation before being finalised at a meeting of Full Council in March.