This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
County Council’s new proposed budget includes cash for Banbury regeneration
13/01/2025
The council has moved from a predicted £25m shortfall to extra money for initiatives
Oxfordshire County Council plans to spend more money than had originally been planned in areas such as the regeneration of Banbury Town Centre and pro-active flooding measures, thanks to funding from central government and a 4.99 percent increase in Council Tax.
Before details of the government’s settlement for local councils was known the County Council had anticipated a £25 million funding shortfall in 2025/26.
In late December councils across the country were given details of their grant funding. Since then work has been undertaken to create a balanced budget, dealing with the shortfall and allocating additional money to services.
Subject to final agreement, £300,000 will be allocated to working with other organisations collaboratively on planning regeneration in Banbury Town Centre.
£2.1m of money will now be allocated to pro-active flooding measures and added to the £1.5m funding which has already been proposed for highway drainage.
Elsewhere an additional £1.3m will be added to an existing £0.5m for active travel measures to encourage walking and cycling, £1m to leverage investment in rail, and £400,000 to support holding the price of a joint Park & Ride ticket at current rates.
Councillor Dan Levy, Oxfordshire County Council’s Cabinet Member for Finance, said: “Each year central government allocates grant funding to individual councils and this information is communicated in late December.
“Our finance team has been working its way through this information in fine detail. The analysis is that the council is now able to set a balanced budget in 2025/26 with some additional funding allocated to new priorities on a one-off basis.
“We still look to future years with some concern. While the 2025/26 financial year looks healthier, there remains huge uncertainty about the impact of funding reform that could reduce the funding available to the council beyond that.”
Two per cent of the council tax increase has to be ringfenced for adult social care under rules set down by the government.
The proposed budget will be set at a full council meeting February 11.
Published: by Banbury FM Newsteam