Draft plans for Peterborough City Council’s 2023-24 “balanced budget”, are to be considered by the council’s Joint Scrutiny Committee next week.

The committee will look at the draft budget made by the Peterborough City Council on Monday, January 23.

Once finalised, the council’s cabinet will see the budget before showing it to the full council for a final sign off on February 22.

The report is built up of 50 summarised responses taken during a public consultation on the council’s priorities and saving and investment plans which took place between December 5 and January 8.

The report includes a proposed 4.99 per cent increase in Council Tax in the new financial year which includes a 2 per cent adult social care precept that provides “ringfenced funding”, money put aside for adult social care services but still controlled by the council.

The council say an increase of 4.99% would add £75.43 a year or £1.45 a week, to a typical band D property.

Cllr Andy Coles, cabinet member for finance and governance for Peterborough City Council, talked about the council’s financial challenge last year.

With high rates of inflation having driven up the cost of delivering services, energy costs, managing high demands for services a rising population and the ongoing impact of the pandemic.

He said: “Despite this perfect storm, it is a real achievement that we are now able to present a balanced budget and continue to provide good quality services for our residents.

Cllr Coles added: “We know that residents are also facing their own financial challenges and we wish we did not have to ask them to pay more council tax, but we cannot deliver a balanced budget and continue to provide the services that people want and need without doing so.”

The council are also looking to stay tight on spending in the upcoming year while supporting a number of areas in the city.

This includes supporting struggling people, including through a network of community hubs, investing in energy efficiency and cutting carbon across the council’s buildings and a £1.5million investment to forward the councils “ambitious” plans to increase the number of homes in the city, attract new businesses, create better jobs and ensure growth acts as a lever to address inequalities.