Waverley Borough Council’s financial budget for 2025/26 was agreed at yesterday’s meeting of the Full Council.
The budget sets out how the council will deliver its services over the next four financial years, and as a significant achievement, the council presents a balanced budget for the next two financial years.
Councillor Mark Merryweather, Waverley Borough Council Portfolio Holder for Finance, Assets and Property, said: “We have worked incredibly hard to secure a balanced budget not just for the year ahead but for the coming two years. This is truly an extraordinary accomplishment of our officers, councillors and partners, I’m not aware of any other councils demonstrating such a strong resilience.”
Waverley has consistently demonstrated strong financial management, and with the 2023/24 statement of accounts, Waverley is among just 20% of councils nationally that have published audited accounts to date. This means that the council’s financial health has been scrutinised by an independent auditor and the results are shared with the public for transparency and accountability.
Councillor Merryweather added: “But what I’m even more pleased about is that we can continue supporting residents who are struggling with the ongoing cost of living crisis via the Local Council Tax, discretionary support schemes and other services, despite our finances being under intense pressure.”
The Council has also been able to increase the Thriving Commissioning Fund budget by 10% (£72k) in 2025/26 which supports not-for-profit organisations delivering services or activities for people in Waverley with higher needs or vulnerabilities.
Rising costs, increased demand for council services and sustained reductions in funding by Central Government mean the council must both increase income and make cost savings to balance the books. At last night’s meeting, the Council set a revenue budget requirement of £17.45 million for 2025/26, which includes service budget savings of £1.6 million and additional fees and charges income of £0.7 million.
Waverley's share of Council Tax will increase by an average of 2.99%, which is roughly an extra 12p per week for a Band D property.
Waverley’s financial budget closely aligns with the key priorities in the council’s Corporate Strategy, which aims to make the borough a thriving and inclusive place to live, work, and do business.
Councillor Paul Follows, Leader of Waverley Borough Council, said: “One of our key priorities is a more resilient and well-managed council, and this demands innovative ideas, which is why we for example have consulted higher band council taxpayers on voluntary extra contributions.”
The consultation has indicated that the proposal would generate significant additional revenue that could fund local projects that benefit vulnerable people and enhance the quality of life across Waverley.
“I can’t wait to take this initiative forward. As we move towards local government reorganisation in Surrey, our vital work supporting residents will continue - services will be delivered and innovative ideas developed, and we will still be here for those who need us,” added Councillor Follows.
Ends.
Caption: The Council has increased the Thriving Commissioning Fund budget by 10% in 2025/26 which supports not-for-profit organisations delivering important services or activities for Waverley-residents with higher needs or vulnerabilities.