Council budgets and spending Our 2024/25 budget
Our 2024/25 budget was considered at the council meeting on 29 February 2024. The gross budget for 2024/25 is £709m, with a net budget requirement of £262m. The last financial year has proved to be very challenging, and the budget position for the coming year will be no less so. Despite the scale of that challenge, there is a clear plan, shared between and pursued by cabinet and the chief officers.
Our plan is framed by the objectives of The Shropshire Plan (TSP), and our prioritisation of services for local people. But we must also manage our money. We've stretched financial management to its limits to protect frontline services for residents. Funding for local government as a whole has been increased by 7.5% into 2024/25 (including 6% of council tax increases). However, the significant headwinds we're experiencing from inflation and demand for social care continue to challenge the capacity and resource of the council. We'll continue to prioritise transformation, operational efficiency, and meeting needs at the earliest opportunity (demand management). We must also plan to reduce supply chain spending (and our carbon footprint within this) and our overall staffing levels if we're to be confident in being able to deliver a balanced budget.
The budget book for 2024/25 sets out our detailed revenue and capital budgets. It includes the following sections:
- Foreword
- Revenue summary
- Portfolio holder summary
- Subjective analysis
- Financial strategy summary
- Detailed budgets by service area
- Appendices supporting the revenue budget
- Housing revenue account
- Capital programme
As you will see from the capital programme section of this book, we're planning to invest £118m into local projects in 2024/25. The capital programme remains priority led, reflecting the need for growth in the Shropshire economy, investment in infrastructure and roads, investment in schools, developing and maintaining our asset base, investment in leisure provision, and development of new housing within the Housing Revenue Account. Our capital strategy was approved by full council on 29 February 2024.
Full details of the council’s financial position are laid out in our medium-term financial strategy which was approved on 29 February 2024.