Oxfordshire County Council’s cabinet are set to meet next week to agree next year’s budget as the council estimates it needs to make savings of around £50m.

The council’s cabinet will review a report that outlines the process for developing and agreeing the budget for 2023/24 and the assumptions on which the existing medium term financial strategy is based.

The county council predicts a funding shortfall of over £30m next year due to inflation. It is also estimating around £20m of other demand-led pressures, such as the rising cost of social care.

The local authority also warned that the financial impact of implementing the Government’s adult social care reforms is unclear and could add to these pressures.

Cllr Calum Miller, Oxfordshire County Council’s cabinet member for Finance, said: ‘We know that households across our county are facing huge financial challenges this autumn. Rising prices make this a cost of living emergency. The county council is also facing major budget pressures. The Government has confirmed it will not be holding a spending review this year to update budgets in light of soaring inflation so we are facing a significant funding shortfall of at least £50m.

‘The county council is on the frontline of supporting the most vulnerable people in our communities. We are committed to them and their families but, as the cost of doing this rises and our funding fails to keep pace, we face tough choices.

‘We will manage the council’s finances responsibly and are planning ahead carefully to meet current and future financial challenges. We are engaging with residents about the big issues that matter most to them and their communities and are sharing the challenge of delivering services under these circumstances.’