FOLLOWING Chancellor Rishi Sunak’s Spending Review given in the House of Commons earlier today, Lyme Regis Town Council had some financial announcements of its own to make this evening.
The council held its annual budget setting meeting via video conferencing app Zoom tonight (Wednesday), and here’s a summary of the decisions made.
- Lyme Regis Town Council expects to end the 2020/21 financial year with a £53,000 deficit, which will have to be taken from reserves, depleting them to £560,000 – a much-improved outlook compared to a few months ago.
- The council has approved a ‘base budget’ with income of £1,686,267.25 and expenditure of £1,305,548.43 for the 2021/22 financial year, increasing reserves by £380,718.82.
- The 2021/22 ‘base budget’ includes savings of £128,000 to start rebuilding reserves after the COVID crisis, including a £41,000 cut on office expenses and a £53,000 cut on outside works.
- Councillors agreed not to raise council tax precept (the portion of council tax which goes to town council) in the next financial year, acknowledging that “we have all endured a difficult time” – but they warned it will have to rise in future.
- Councillors agreed on objectives for the coming years, with those in the top priority list including: IT equipment for councillors, office refurbishment, seafront gardens refurbishment, electric vehicle charing pods, installing water meters, purchasing a new chipper, replacing corroding seafront railings, installing CCTV cameras, undertaking an asset management strategy, and repairing or replacing the old cadet hut behind Anning Road now used by council’s outside works team.
Look out for a full report on the meeting in this Friday’s digital edition of the LymeOnline newspaper!