Our Funding Gap
Councils across the country are struggling with financial shortfalls which are continuing to rise.
Maintaining everything we currently deliver is difficult and we have some tough choices to make.
Council Tax income supports some of our services, but it only funds a small part of our increased costs. A 1% increase in Council Tax equals £63K, so we must find other ways to meet our budget gap, which is £2million this financial year, whilst offering the best support we can for Stevenage residents.
Our budget gap has been caused by:
- Reductions in government funding (£5.2million loss of government funding over the last 12 years).
- High inflation, our utilities and fuel costs alone, have increased from £1million to £2million for 2023/24.
Cuts have already been made, for example, to our wellbeing offer and Play service.
- Increase fees and charges, for example parking or garages.
- Find new income streams, for example, sponsorships or commercialisation opportunities.
- Increase Council Tax charges (by more than 1%) - potential income of £63K.
- Reduce services - potential savings.
If you have any suggestions on how we can reduce our funding gap, please share your comments / suggestions.