Local News

Balanced budget for 2024/25 recommended to Council

Test Valley Borough Council (TVBC) is to consider the budget for the 2024/2025 financial year at a full council meeting on Thursday 29 February. The budget that has been recommended is balanced and does not need to draw from reserves to cover ongoing costs, as a result of sustained efforts to control costs and from continued income from our property and cash investments.

In order to protect the front-line services that it provides to the public, and remain in a stable financial position, an increase in council tax by £5 for an average band D property, to £163.91, for 2024/25 is being recommended. This is a rise of 3.14%, and below current inflation levels.

In order to protect its most vulnerable residents, the Council recently approved its Council Tax Support scheme, for low-income households, to minimise the impact of the proposed increase.

Finance portfolio holder, councillor Maureen Flood, said: “Local authorities across the country have had a difficult few years, and Test Valley Borough Council has been no exception. However, thanks to our hard work, and being careful with our money, we find ourselves in a strong financial position.

“Any increases made to council tax are always difficult but are important to make sure that we are able to keep providing our vital services to the public, including bin collections, maintaining green and open spaces, housing and homelessness, planning and much more. It will also help with our ambitious plans to regenerate both Andover and Romsey town centres. At an increase of 3.14%, we are still below the national inflation rates and believe it provides excellent value to our residents.”

The budget will be considered at the Council meeting on Thursday.