In March residents will receive their 2024 Council Tax Bill. After the last hike of 13.9% many will be bracing themselves for more bad news. The Council is about to set its budget for 2024/25 and the expected rise is 4.99%. To balance the books however, Croydon Council will have to shave another £30m from its spending. It is committed to protecting children and vulnerable adults, this will take a large proportion of the available budget, therefore the savings will have to be found elsewhere.
Croydon’s gigantic debt of more than £1.6bn, accumulated by the previous administration, still hangs like a hefty millstone around the necks of council tax payers. The annual interest payments alone, without reducing the capital owed, is around £62m. That equates to approximately £158 per year each for every adult and child in the Borough.
No one expects Croydon’s fortunes to be back-in-the-black in the foreseeable future. With more cuts expected, it is more important than ever that residents have a voice. A strong Residents Association is a good place start.