Cherwell District Council approves budget for 2024/25

At a meeting on February 26 the Council confirmed a net budget of £27 million and agreed to a £40.4 million capital programme expenditure over the coming five years.

In order to navigate financial hurdles brought on by inflation and a rising cost of living, the Council managed to discover savings and operational efficiencies worth £1.7 million and additional funds of £608,000.

The Council has ensured a balanced budget for 2024/25 and guaranteed that services such as waste collections, housing, planning, and enforcement will continue and improve.

Councillor Barry Wood (Image: Cherwell District Council.)

Councillor Barry Wood, leader of Cherwell District Council, said: "The approved budget and our financial strategies reflect our commitment to financial prudence and forward-thinking.

"Responding to inflationary impacts and changing circumstances all councils face, our sound financial planning includes identifying appropriate savings and funding sources, managing our assets, mitigating risks, and, crucially, investing in the future of Cherwell to benefit our residents and communities.

“A key priority for this council is to continually build our reserves so that we can face future challenges head on.

"We are therefore able to include the amendments voted through by councillors using contingencies already built into our plans."

The revenue budget will see an increase of £5 in district council tax for 2024/25, resulting in a Band D charge of £153.50.

This rise represents a 3.4 per cent hike.

The confirmed budget came after a public consultation held in late 2023, with the executive recommending the budget to the council in February.

By approving the revenue budget that supports daily services, the Council is investing in projects that promote healthy communities, bolster the economy, ensure appropriate housing, and tackle climate change.

Capital funding has backed new initiatives such as £1.6 million for new 3G synthetic grass sports pitches at North Oxfordshire Academy, £600,000 to grow Activity Play Zones, and £125,000 for sustainability projects.

The Progressive Oxfordshire group successfully petitioned for £129,000 to keep some fees and charges at their current levels and provide ongoing funding for public conveniences at Pioneer Square in Bicester.

Councillor Adam Nell, deputy leader of the Council and portfolio holder for finance, said: "Financial responsibility is a cornerstone of a well-run council and this budget balances the need to be realistic about the challenges facing councils everywhere, with prudent investments that support our vision for a district which is a great place to live and work.

"Our plans for the coming financial year protect the high quality services that our residents value and represent good news for everyone living in north Oxfordshire.”