Budget 2024/25

At the Full Council on 22 February, the 2024/25 budget was agreed and the Council Tax was set. The balanced budget that was agreed upon ensures that we can continue to deliver £350 million worth of services.

An increase to Council Tax payment by 2.75% was agreed and in recognition of the pressures in adult social care, it was agreed that the 2% adult social care precept is also charged – making a total increase of 4.75%.

This increase is below the Government cap of 4.99%, in recognition of the continuing cost-of-living crisis, which is affecting all households. However, the Council as a whole is also impacted and the costs of providing services, which you benefit from on a day-to-day basis also continue to increase.

Each 1% increase in Council Tax generates £840,000 in income and is the only means that we have to raise additional funding for our place-based and housing services.

We are aware of the financial pressures faced by many households across Torbay which is why a new Council Tax Support Scheme has recently been approved.

This new scheme will be based on household income, not just linked to benefits, which means more households across the Bay can apply for a reduction to their Council Tax bill. This will provide over £500,000 of additional discounts to many of our residents most in need of financial support. As soon as the scheme is ready to be launched, we will share more information.

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