Council to request £171m government bailout
A cash-strapped council is expected to ask the government for "an eye-watering" £171m to help it balance its budget.
If successful, Woking Borough Council share of tax would likely rise by 2.99% – markedly lower than last year's 10% hike, according to the Local Democracy Reporting Service.
The government funds would cover £162.8m in servicing its overhanging £2.1bn debt and £2m to cover normal day-to-day costs.
The process has been described as "one of the most difficult" budgets for any borough council to set.
On Monday, the council's resource and finance scrutiny committee heard that moves to bring a fully balanced budget to the table would have devastated the authority and residents with mass compulsory redundancies and deep cuts to popular services.
Instead, it intends to hit that goal – as councils must by law be able to balance their books over a three-year period by slowing raising fees and charges.
Stephen Fitzgerald, the council's chief financial officer, said the situation was "an entirely different place to last year", though far from perfect.
"The budget proposals are an important milestone on Woking 's improvement and recovery journey," he said.
He described the "considerable turbulence" in public finances, especially in local government.
"The overall general fund budget is a fairly eye-watering figure of £162.8m," he added.
Whether the budget passes hinges on the government agreeing to financial support – with the council submitting a request for £171.1m.
Councillor Dale Roberts, lead member for finance, said: "All discretionary services are being maintained, housing and homelessness have become a crystal-clear priority, and council tax is assumed to be 3% (2.99%) the general increase for district councils.
"Naturally, our budget is dependent on government support, but the administration is confident that it is continuing to do everything it can to address historic failings and achieve a balanced budget."
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Council billions in debt sells off more buildings
Woking council apologises for financial failings
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