"Deep concerns" have been shared about the Isle of Wight Council's finances after the authority revealed it would be getting less money from government, than first thought, for the year ahead.

There is also no sign of the major 'Island Deal' cash windfall that had been hoped for in the local government finance settlement.

It comes despite the Isle of Wight Council supplying evidence to show it costs at least £6 million more to provide services to the Island — a process which it said took months of work.

As was the case last year, the Island will only get £1 million to go towards those costs but overall, the council will be £400,000 worse off than it had estimated.

The Isle of Wight Council along with the bankrupt Thurrock Council — which will raise its council tax by eight per cent — received the lowest funding percentage increase of all unitary authorities.

It is something the council's chief finance officer, Chris Ward, has called "very concerning" and has expressed his disappointment.

He said it was also deeply concerning the increased cash for social care will fall short of the cost pressures the council will face.

Mr Ward said it is therefore "inevitable" the council will need to make at least £3 million of savings in the next financial year.

In light of that, council leader, Phil Jordan has warned difficult decisions will need to be made so the council can set its balanced budget in February.

In a statement, he said the settlement is simply not sufficient to meet the financial pressures the authority is facing and government is again expecting residents to pay more, by assuming council tax is raised to its fullest extent.

Islanders can still have a say on how they think the authority should spend its money, with a public consultation running until January 26. Find out more here: www.iow.gov.uk/council-and-councillors/transparency-our-data/our-finances/2024-2025-budget-consultation/

Opposition councillors at County Hall are trying to bring forward their own alternative budget to that which the ruling Alliance Administration will propose.

However, Conservative councillors and the Empowering Islanders group have said they have been having a hard time accessing the necessary information to create their own budget.

Speaking earlier this week, Cllr Clare Mosdell, leader of the Conservative group, said they didn’t want to bring forward an amendment, but a full budget which can give the Alliance more ideas and allow more debate and discussions but needed access to the right information to do so.

Council officers have said they will look into the issue and see what can be done.