Cambridge City Council needs to make an extra £6m of savings over the next three years and £11.1m in new savings by 2029.
The city council’s Medium Term Financial Strategy (MTFS), which will be discussed by councillors next week, says that while Cambridge has been ranked ‘the most intensive science and technological cluster in the world’, the growth in investment and jobs has led to rising housing costs, traffic congestion, and harm to the environment.
Other factors, such as government cuts, inflation, and the cost-of-living crisis, are also contributing to the council’s financial challenges.
Cllr Simon Smith, executive councillor for Finance and Resources, said: ‘The financial picture facing the council continues to be extremely challenging due to lack of government funding to councils and a range of external pressures. Despite this we remain committed to providing sound finances and a balanced budget as we have done for many years, so we can keep providing and improving quality services for the city’s residents.’
Councillors will consider the MTFS and a proposed budget consultation at a meeting of the Strategy and Resources Committee on 20 November.
If this article was of interest, then check out our feature, 'How to fix local government finance'.
