Croydon Council has tonight approved a balanced budget for 2022-23, protecting local services and investing in its communities’ future needs.
Croydon continues to make strong progress in tackling its financial challenges, and tonight’s budget marks another firm step towards achieving financial sustainability by 2024. Government has demonstrated its ongoing confidence in Croydon’s ability to deliver its renewal plans, with confirmation that it is minded to proceed with a capitalisation loan of £25m for the coming year.
In line with residents’ views, in 2022-23 Croydon Council will spend over £330m delivering local services, with the majority allocated to protecting vulnerable older people and children and families. The budget will include extra help for children and young people with special educational needs and support for carers.
Croydon’s 2022-23 budget includes keeping every library and children’s centre open and protecting the borough’s 127 parks and green spaces, while continuing to deliver the everyday services that residents rely on, such as waste and recycling and clean, safe streets.
The budget includes a council tax rise of 1.99% for Croydon services and a further 1% precept for adult social care which the government expects councils to raise to look after elderly and vulnerable residents. Most residents will pay less than £1 extra a week for local services, ensuring the council can continue to fund essential services for all residents at a time when they need them most.
Over the coming year, Croydon will continue to build its financial resilience, adding to council reserves to cover potential areas of risk including rising inflation and reducing its borrowing costs. The council will also continue to prioritise tackling inequalities, providing assistance to Croydon’s voluntary sector organisations, and supporting the borough’s communities as they recover from the pandemic.
“Delivering this balanced budget shows that despite the significant funding pressures facing local authorities, Croydon is making great strides in getting its finances back on track.
“Having listened to our residents, we are delivering a budget that protects the everyday services they rely on, and provides extra help to those who need it – all for less than £1 extra a week despite growing demand and a decade of austerity from government.
“Our budget also looks to Croydon’s future. We are steadily building our financial resilience, so that we can future-proof the most important council services for our residents and be there for them when they need us.”
Councillor Hamida Ali, leader of the council
