The council’s budget for 2023-24 was formally approved by the full council at their meeting on Friday 17 February.
The final budget included the addition of £8.7m to the development fund. The money for this will be drawn from the council’s reserves, and it will be used for projects that benefit local communities.
There was also an additional £7m for road maintenance, meaning the highways budget for 2023/24 has now risen to around £93m.
Council tax will rise by 4.99% in total (this includes a 2% rise for adult care). However, Lincolnshire will still have one of the lowest council tax rates in the country. Despite the rise in council tax, and additional government funding, the council will still need to use a further £7.5m from its reserves to balance the books, based on current projections.
Cllr Martin Hill OBE, leader of Lincolnshire County Council, said: “This is a good budget for the people of Lincolnshire, protecting the frontline services residents rely on while living within our means.
“We have also decided to move £8.7m from reserves into the development fund, which we can do thanks to our track record of strong financial management. Despite the financial challenges we face, we feel it’s important that we continue to invest in our communities.
“In addition, we’re putting an extra £7m into our highways. We know good roads are important to both residents and businesses, and this will help make up for the significant cuts in government funding for road repairs over the last few years.
“Like households across the country, inflation is raising our costs, particularly for school transport, and demand for services continues to increase, most notably adult care and children’s services.
“Smarter working will save us more than £23m over the next few years, and there has been some extra government funding, including around £19m for social care. Despite this, we’re having to draw on our reserves again to balance the books.
“As a result, officers have recommended that we increase council tax by 5% to ensure the authority’s long-term financial stability.
“We’ll continue to push government for long-term solutions to the major issues facing local councils, such as fairer funding, the resetting of business rates and the sustainability of adult care. We’ll also continue to work towards a devolution deal for Greater Lincolnshire, giving local authorities more control over funding.”
The budget also includes:
- £275m for adult care and community wellbeing
- £84m for children’s social care
- £22m for Lincolnshire Fire and Rescue
You can find further details on the council’s spending at www.lincolnshire.gov.uk/budget