Our Spending Plans
The council's spending plans are set each year by full council usually at a February meeting. This follows consultation with the public on budget priorities and savings plans.
In 2022/23, the Isle of Wight Council plans to spend £368.9 million on providing services for the Island.
| Portfolio Expenditure |
2022-23 |
2021-22 |
| |
£000's |
£000's |
| Adult social care and public health |
90,303 |
91,512 |
| Children's services, education and lifelong skills |
30,774 |
32,168 |
| Community protection, digital transformation, housing provision and housing needs |
13,917 |
15,654 |
| Environment, heritage and waste management |
9,859 |
9,522 |
| Highways PFI, infrastructure and transport |
38,552 |
38,834 |
| Leader and strategic partnerships |
1,212 |
1,120 |
| Planning and community engagement |
2,639 |
3,050 |
| Regeneration, business development and tourism |
5,006 |
5,484 |
| Strategic finance, corporate resources and transformational change |
81,141 |
78,982 |
| School's budgets |
95,467 |
92,222 |
| Total Expenditure |
368,870 |
368,548 |
| Contribution to/from reserves and balances |
-29 |
-2,065 |
| less business rates, grants and fees and charges |
-275,070 |
-278,032 |
| Estimated collection fund surplus/deficit bf (council tax) |
-497 |
1102 |
| Council tax requirement |
-93,274 |
-89,553 |
In additional to its day to day spending the council also plans to invest in capital schemes which support the delivery of its overall objectives. The council has budgeted a total of £56.1m for new schemes over the next 5 years comprising:
- £40.7m for coastal protection schemes to protect homes and employment
- £6.4m investment into school buildings
- £2.9m for the Branstone Farm development
- £1.9m for disabled facilities grants helping people to remain in their own homes
- £1.3m for highway improvement and safety schemes
- £1.2m for core IT infrastructure and digital transformation across council services
- £0.75m to provide funding for compulsory purchases of property in order to guard against blight or facilitate regeneration and development
Further details can be found in the council's medium term financial strategy which is taken to February Full Council for approval. It brings together the overall revenue and capital budget strategies setting out how the council will resource the key projects, changes and investments for the medium term. It also addresses the redirection of resources over time to balance the budget gap.
The council's treasury management strategy is taken to Audit Committee for approval. The Isle of Wight Council defines its treasury management activities as “the management of the organisation’s investments and cash flows, its banking, money market and capital market transactions, the effective control of the risks associated with those activities, and the pursuit of optimum performance consistent with those risks”. Treasury risk management at the council is conducted within the framework of the Chartered Institute of Public Finance and Accountancy’s Treasury Management in the Public Services: Code of Practice 2017 Edition (the CIPFA Code) which requires the council to approve a treasury management strategy before the start of each financial year. This strategy fulfils the council’s legal obligation under the Local Government Act 2003 to have regard to the CIPFA Code.