The spending plan, to help improve the lives of residents over the coming financial year, was agreed by councillors at a meeting of the full council on Wednesday 22 February. Additionally, in the five years up to and including 2026/27, a forecast £410m will go towards major projects as part of the council’s overall General Fund Capital Programme, and an additional £83m on housing development and new build schemes, and maintenance of the existing housing stock.
Over £287m has been raised from external grants and contributions towards the cost of our General Fund capital project programme. This includes a £24.9m Towns Fund grant to regenerate Lowestoft, driving economic growth and acting as a catalyst for future investment, and rising to a potential £35.9m with the addition of matched funding, while UK Shared Prosperity and Rural England Prosperity Fund grants will support local business, people, and skills throughout the district.
A General Fund Revenue Budget of £30.1m for 2023/24 includes £16.37million in Council Tax, which makes up just over 50% of the money we receive. However, the portion of Council Tax which East Suffolk receives (around 10% of the total bill) will only increase by 2.81%, or £4.95 for the entire year on the annual bill of a Band D property. The remaining 90% goes to Suffolk County Council, the Police & Crime Commissioner, and Town/Parish councils.
Cllr Maurice Cook, Cabinet Member for Resources, said: “I am delighted to present a strong, balanced budget for the communities of East Suffolk which confirms our commitment to investing in services and delivering growth and prosperity for the local area.
“Since East Suffolk Council was created, financial sustainability has been one of our key strategic priorities and we have strived to keep council tax increases to a minimum, either by freezing it or increasing it by less than 3%.
“We do not believe that council tax increases should be used to fund shortfalls and spending pressures. So, we will also continue to invest our reserves sensibly to generate income – all of which will help pay for services and keep Council Tax increases to a minimum.
“In this last year, the cost of living has risen at a far greater rate than in recent years – increasing the council’s own costs, as well as affecting every resident – so it is important for the council to seek other streams of investment and income to raise the necessary funds to pay for the high level and quality services we provide.”
