Local Authorities continue to face significant funding challenges. The introduction of; and in many cases, the reduction of; the Local Property Tax has created further uncertainty as part of the budgetary process. Local Authorities are empowered to adjust the rate of the local property tax by up to 15% for 2015.
Twelve Local Authorities have voted in favour of reducing the rate by between 1.5% and 15%. Often these decisions have been made by councillors contrary to the advice of council management tasked with implementing a more constrained budget. Other councils, where there is a lower local property tax take, will hope to receive a favourable redistribution through the national equalisation fund.
Now, more than ever, there is a need to prepare compelling financial plans to ensure that future funding requirements are met. Consideration will need to be given to how existing services, both internal and external, can be delivered in the most efficient manner achievable.
Our experienced team can assist with these challenges.