Arun is to draw £3.5 million from reserves to balance budget

The council is looking at a £3.556 million gap in its 2024/25 budget that will need to be met with its revenue reserves, according to a report heard by the council’s Policy and Finance Committee at its meeting on Thursday, February 8.

Members of the committee agreed with the use of reserves, and to a maximum rise in council tax of 2.99 per cent.

This will leave around £17 million in the council’s reserves, down from around £20 million currently, and £25 million last year – with the 2023/24 budget seeing around a £5 million draw from reserves.

According to the report, it is expected that there will be nearly £400,000 left in reserves by the 2028/29 budget.

The final decision on use of reserves and rise in council tax will be made at a special budget meeting of the full council on Wednesday, February 21.