An increase in the number of Band D properties in Knowsley will provide the Council with a significant revenue boost to invest in key services across the borough.
The 2023/24 Council Tax Base and Forecast, which has been approved by Council, highlights an increase of 913 Band D properties in the borough compared to 2022/23.
This increase is forecast to generate extra Council Tax receipts of approximately £1.525m per year (before any Council Tax increase is applied).
The Council’s ambitious economic growth strategy over recent years has been highly successful in encouraging and accelerating new housebuilding in the Borough.
The borough’s Council Tax Base has grown by around 24% since 2013/14. This represents the highest rate of Council Tax Base growth in the Liverpool City Region in that time, far exceeding the average growth across the Region of 15%.
The Council’s approach to encouraging and delivering economic growth continues to be a major driver in the Council’s financial strategy, which has supported continued investment in key services and major regeneration projects.
No borough has suffered from a bigger reduction in its annual budget from the government than Knowsley.
Despite this – and despite the challenges presented by COVID-19 and the cost-of-living crisis – a surplus of £1.042m is forecast from the borough’s Council Tax collection in 2022/23. This reflects increased house building numbers during the year and the additional funding feeds into the 2023/24 budget.
Cllr Jayne Aston, Cabinet Member for Resources, said: “The Government’s funding allocations are not based on need meaning the Council consistently has to step in to plug the gaps. With the increasing challenges we face, and increase demand for our services, it’s essential that our residents and businesses have the support and services they need and value.
Our ambitious economic growth plans are a key element of our funding and by investing in our town centres and growing our housing base means we are also increasing our income which will be ploughed back into Council services.
The growth in new homes in the borough clearly shows there is high demand to live here in Knowsley and we are ensuring we have homes to suit all styles and budgets.”