Council begins budget planning for 2025
The foundations of next year’s budget were laid by portfolio holder Holly Whitbread as she reported Epping Forest District Council’s Medium Term Financial Plan to Cabinet on Monday (7 October).
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Protection of front-line services
The protection of front-line services to residents remains the Council’s top priority. Discussions will begin between Cabinet portfolio holders and senior council managers in coming weeks to seek further savings and efficiencies.
At the earliest stage the Council has identified a £1 million projected shortfall between income and spending from next April. However, the situation is less difficult than previous years. The £88 million land sale at North Weald to Google has considerably eased the situation.
Stronger financial position
Epping Forest District Council is in a much stronger financial position than many other councils – some of whom are expected to declare effective bankruptcy in the next 12 months. While income from interest on the Google sale is making a significant difference, Councillor Whitbread emphasised the importance of not relying on interest to meet long-term financial planning. Interest rates may go down and reliance on interest payments restricts potential capital investment in new projects.
Councillors from all sides of the council chamber have been invited for input. Collaborative budget development by councillors through Overview and Scrutiny with Cabinet in recent years has proved highly successful. Councillor Whitbread signalled her intention to continue the process.
Lowest district Council Tax precept in Essex
Residents of Epping Forest pay the lowest district Council Tax precept in Essex. Income from a wide commercial business portfolio contributes significantly to the provision of Epping Forest District Council services. Councillor Holly Whitbread highlighted income from the new North Weald Saturday Market contract as an example.
The Council also continues to invest in the district. Relocation of the control tower will guarantee the continuation of income from aviation at North Weald. Construction of the new Epping Leisure Centre is progressing smoothly. Investment in the Council’s housing stock continues with both new-build and with major refurbishment projects such as the recently announced improvements to The Broadway.
A series of further budget reports will be presented to Cabinet and Overview and Scrutiny over coming months before the final approval of the budget and Council Tax in February.
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