COUNCILLORS will discuss the financial outlook for the forthcoming year when they meet this week to plan the timetable for setting the 2024/25 budget.
Speaking ahead of the Special Finance and Resources Overview and Scrutiny Committee meeting, Cllr Mike Priestley, Conwy’s Cabinet Member for Finance, said:
“The report sets out our planned timetable and governance arrangements for the coming months as we work to set the budget for 2024/25.
“At this stage, there are some financial uncertainties, so we have had to make assumptions about the main aspects of the budget, such as price inflation, demand for services, pay awards, and grant funding from the Welsh Government.
“Based on these assumptions, the current outlook for 2024/25 points towards a potential resource shortfall of between £20M and £30M subject to the variables
“Councillors will need to consider how to bridge the gap in the Council’s funding shortfall. Essentially the Council will have no choice but to reduce its expenditure in a number of areas which is likely to impact on the level of services and raise additional income.”
Councillors will receive regular updates and opportunities to debate the budget over the coming months.
Welsh Government is expected to confirm its final local government settlement in early March, but has indicated a 3.06% increase across Wales. However, the Welsh First Minister recently announced that Welsh Government is facing its toughest financial situation since devolution, therefore it’s unclear whether the allocations to local government will be revisited by the UK or Welsh Governments.
Full Council will meet on 29 February 2024 to finalise and agree the budget and Council Tax for 2024/25.
