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.