Lichfield District Council Announces Financial Stability with Balanced Budget for 2024/5
In the council meeting yesterday evening, Lichfield District Council confirmed the approval of a balanced budget for the medium term, signalling financial stability and resilience for the district.
Through meticulous financial planning and a series of transformative actions, the council has navigated its financial landscape to ensure a stable future for its residents and businesses.
In a move that sets Lichfield District Council apart from the majority of other councils across the UK, it has been agreed to increase the council tax by 2.66% which is less than the maximum permitted rate of 2.99%.
The council's transformative efforts over the past two years have been pivotal in reaching this decision and include the refurbishment and commercial leasing of district council house to local tenants, which generates an annual income of £250,000. This move lifts the burden of paying for this cost from the taxpayer in the district.
Councillor Rob Strachan, Cabinet Member for Finance and Commissioning expressed satisfaction with the council's achievements, stating:
“Our ability to deliver a balanced budget, without resorting to the maximum council tax increase, is a testament to our prudent financial management and innovative approach to transformation.
“We have been able to do this whilst still investing in our exciting cinema development and building a new leisure centre for our residents. These efforts ensure that Lichfield District remains a financially secure yet vibrant community for everyone.”
The council's financial strategy and transformation initiatives underscore its dedication to sustainable growth and fiscal prudence. By focusing on efficiency, innovation, and community welfare, Lichfield District Council is setting a benchmark for local governance and financial health.