The City of Wolverhampton Council has cut its savings target by almost half ahead of setting its annual budget.

The council’s Cabinet was today (Wednesday 19 February) expected to approve a finance report that sets a balanced budget for 2025/26.

The report also reveals the council has reduced the amount it needs to save over the next 2 years from £32.6 million to £17.2 million by 2026/2027.

Council Leader Stephen Simkins said that despite the difficult financial climate, their priority remained delivering “what matters most to residents.”

He said: “Thanks to lots of hard work to deliver savings proposals and some additional funding from the new Government, we’ve been able to bring down our deficit.

“This doesn’t mean the financial challenges have gone away – far from it. There is still a lot of hard work to be done and more difficult decisions ahead, but we will never stop being ambitious for our city.

“By managing the financial challenge and making savings in some areas, we are able to invest more in what matters most to our residents.”

Independent Auditors Grant Thornton recently gave the council a ‘clean bill of health’ for its annual statement of accounts and said that it provided ‘value for money’ in its annual auditor’s report.

Councillor Louise Miles, Cabinet Member for Resources, said this demonstrated that the council managed public funds well and was open and transparent with residents on its spending plans.

She said: “I’m proud to set a balanced budget for the year ahead which means we will continue to deliver excellent services while having a positive impact on the lives of everyone who lives in our city.

“I’d like to thank residents for their understanding as we review and make changes to some of the services we deliver. I’d also like to thank those who responded to our budget consultation. Our engagement with residents is an ongoing process and we welcome everyone’s views on our plans.”

The budget report will now be debated at next week’s meeting of Full Council (Wednesday 26 February).