Isle of Wight Council approves balanced budget that protects services
Published: 29 February 2024
The Isle of Wight Council will invest extra money in a range of key services as well as much-needed affordable housing to support residents after setting a balanced budget for the next financial year.
The budget includes an extra £11.3 million to meet the rising demand for children's and adult's social care services and a targeted £1.9 million investment to help address the Island's desperate need for affordable housing.
It also includes a new £250,000 Community Capacity and Resilience Fund to strengthen the support for Island residents with the cost of living, building on the good work achieved through the government's Household Support Fund (HSF).
Listening to the needs of local businesses and residents, the council has agreed a freeze on existing resident car park charges and parking permits for the year ahead. In addition, all crossing charges for the floating bridge will remain the same and no new fees will be introduced.
Also approved by councillors during a busy full council meeting last night (Thursday) was a £9.3 million capital investment programme which includes:
- £2.1 million for school capital maintenance;
- £400,000 for highway drainage schemes to reduce flooding;
- £86,000 for a dedicated coroner's court on the Island;
- £300,000 towards coastal protection works.
The amendment also includes undertaking a feasibility study for future options of maintaining the A3055 from Luccombe to Freshwater, including the Military Road, and investing in new digital technology aids to improve adult social care in the community and allow residents to stay in their own home for longer.
Meanwhile the budget sees the level of council tax support for Islanders on the lowest income rise to a 75 per cent discount. A decision was also made to reinstate the exceptional hardship fund for those eligible for the council tax support scheme and who are facing additional genuine hardship.
As in previous years, local authorities across the country are experiencing severe financial stress.
The latest estimates are that it costs the council an extra £23.7 million to provide services on the Island compared to its statistical neighbours. The current uplift in funding of £4 million in total is considered an initial starting point for future discussions with the government.
General council tax will increase by 2.99 per cent plus 2 per cent for adult social care, equivalent to an extra £1.55 a week for a Band C household, or £1.75 per week for a Band D (this excludes police, fire, town, parish and community council precepts).
Council leader, Councillor Phil Jordan, said: "In the face of great financial pressures, we’ve worked hard to balance our budget this year and protect essential services residents and businesses rely on.
"We have frozen price increases on parking and the floating bridge and reduced important service cuts. We have invested into our community with money for important projects and schemes that make a difference to people.
"We will continue to put our Island residents and our community first and foremost when we are able to do so.
"However, even with our investments into the Island this year, the situation will not improve significantly until we achieve fairer funding from Westminster for the Island.
"We will continue to press for those vital changes at every opportunity and meet with Government again and again until our request for fair funding is agreed."
