The Council's Budget

Rushcliffe Borough Council Financial Strategy - summary (2024-25 to 2028-29)

The economic environment remains challenging in the aftermath of a global pandemic, the war in the Ukraine, unprecedented levels of inflation and single year settlement for sixth consecutive year providing certainty for 2024/25 only. Whilst inflation rates have improved, the impact on pay and operational costs remains a pressure for the Council’s budget over the period of the Medium-Term Financial Strategy (MTFS).

The Council takes a prudent approach and maintains an adequate level of reserves to mitigate such risks, as such the Council is currently debt-free and therefore not subject to the impact of significant increases in interest rates on borrowing,

The Council has approved a balanced budget for 2024/25 that is robust, affordable, and deliverable. Over the 5-year period of the MTFS the Council is forecasting and overall deficit of £1.585m. Whilst this deficit can be met from reserves, the use of reserves is not a long-term solution and identification and delivery of schemes for the Transformation and Efficiency Plan will be critical in ensuring a balanced budget can be achieved going forward.

The Council’s Medium Term Financial Strategy (MTFS) firstly seeks to ensure that the Council remains financially resilient and able to deliver the services it must by law; secondly to ensure the resilience of the budget in a time of significant budget pressures and real terms decreases in funding, thirdly to ensure that the Council continues to embrace opportunities that support the economic growth and development within the Borough; fourthly maintain discretionary services valued by the residents; and finally, support the Council’s targets for carbon reduction. Thus, ensuring the Council continues to deliver its Corporate Strategy objectives, in accordance with the corporate strategy approved in December 2023.

The Council has taken measures to maintain a strong financial position whist continuing to invest and encourage growth, such as:

Increasing the Council Tax for 2024/25 by 2.9% (less than the cap 3%) and in further years to fund net expenditure whilst ensuring Rushcliffe’s Council Tax remains amongst the lowest in the country (and the lowest in Nottinghamshire) and an increase well below inflation.
Revising fees and charges in-line with inflation including increases in garden waste and car parking for the first time in at least 5 years
Creating reserves for future pressures including flooding and biodiversity net gain
Using reserve balances over the medium term, together with a savings target, to balance the budget (replenishing the reserves over the medium term).
A five-year capital investment strategy totalling £24.8m over the 5 years that prioritises schemes that either; fulfil a health and safety duty, essential to keep assets operational, or are match funded environmental initiatives that present revenue budget efficiencies to make best use of diminishing resources.
Transformation targets over the 5-year period of £1.738m through service efficiencies and income generation
A forecast level of general balances of £2.6m throughout the 5-year strategy.
Commitment to bringing empty homes into use for residents including introduction of second homes premium from April 2025.

This budget is designed to ensure we maintain high quality services for current and future generations, a budget that is both financially and environmentally sustainable.

Documents to download

Council Spending