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 2023/24, the Isle of Wight Council plans to spend £384.4 million on providing services for the Island.

 Portfolio Expenditure

2023-24 (£000's)

2022-23 (£000's)

Adult Social Care and Public Health

96,707

95,447

Children's Services, Education and Lifelong Skills

37,866

39,361

Climate, Environment, Heritage, HR, Legal and Democratic Services

10,211

10,387

Community Protection, Regulatory and Waste

9,714

9,328

Digital Transformation, Housing, Homeless and Poverty

11,012

12,727

Infrastructure, Highways PFI, Transport

23,832

24,093

Leader and Strategic Partnerships

1,056

3,374

Levelling up, Regeneration, Business Development and Tourism

5,196

6,986

Planning and Enforcement

2,215

3,220

Strategic Finance, Transformational Change and Corporate Resources

83,957

63,493

Schools Budget

102,637

97,746

Total Expenditure

384,402

366,162

Contribution (to)/from Balance and Reserves

7

-127

Business rates, grants, fees and charges

-286,825

-272,264

Estimated collection fund (surplus)/deficit b/f (Council Tax)

725

-497

Council Tax Requirement

-98,309

-93,274


In additional to its day to day budget, the council also plans to invest in capital schemes which support the delivery of its overall objectives. The council has budgeted a total of £196 million over the next 5 years for projects including: 

  • Maintenance and improvement of schools building and equipment, £18 million
  • Provision and adaptions of housing, £53 million
  • Coastal defences, £41 million
  • Highways and Transport infrastructure, £26 million
  • Regeneration, £27 million

Further details can be found in the budget setting report taken to February 2023 full council for approval.

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.