Balanced NWLDC budget approved

Published: Thu 22 February, 2024

North West Leicestershire District Council (NWLDC) has approved a balanced budget, which has reduced its predicted funding gap by almost £2 million.

Council approved the budget at its meeting on Thursday 22 February 2024.

Ongoing work to reduce costs and increase income has seen a predicted gap in the council’s budget reduce to £2 million by 2028/29.

Previous predictions had set this gap at just over £4 million, but work to improve efficiency at the council, as well as increasing income and reducing outgoings has resulted in a balanced budget this year and a more positive financial outlook for the authority.

Budget highlights

• Council tax increase
  The NWLDC part of the council tax bill will increase by 2.75%. This means most households in the district will pay an extra £4.36 a year or less for district council services, including street cleansing, waste collection, parks and leisure. The total bill is likely to increase by more than this as other authorities (county council, police, fire and parish councils) increase their parts of the bill.
• Increase in charges for services
  Charges for some of its services – like trade waste collections and sports pitch hire – will increase by 7%.

• Reduction or removal of some grant funding
  Grant funding to a number of organisations will be removed gradually over a number of years to help balance the council’s budget at the point when the gap is predicted to increase.

• External funding invested across the district
  UK Shared Prosperity Funding worth £1.2 million will be spent on a number of projects – structural work to Moira Furnace and enhancing the visitor experience, a quiet-way in Kegworth, a new business space in Coalville and supporting the National Forest’s ‘Heart of the Forest’ work.

• One-off capital money used to invest to save
  The council will invest one-off money to support longer-term money-saving or income-generating work. E.g. £150,000 will be spent to demolish the former Council Offices, removing the cost of maintaining and securing the empty building and freeing up the land for sale. £500,000 is earmarked for projects that will save the council money in the longer term, helping to close the budget gap in future years.

Councillor Nick Rushton, Corporate Portfolio Holder for NWLDC, said “In these times of financial uncertainty and difficulty for many councils up and down the country, I’m incredibly proud of the work that officers and members at this council have done – not only to put together a balanced budget for the coming year, but to reduce the predicted gap in our budget for the future.

“We’re making difficult decisions, but we’re doing it whilst listening to people’s views – whether that’s the public or our elected members – and whilst making sure we can still invest in our priority areas.

“We’re committed to growing our district in a sustainable way, to taking care of our environment, to keeping our communities safe and looking after our tenants, and  - importantly – to being a well-run council. Our finances are in good order and we’re always looking for ways to make sure we’re providing value for money.”

Watch the Council meeting

A recording of the Council meeting is available at www.nwleics.gov.uk/committees