THE ISLE of Wight Council has postponed the budget agenda from its upcoming Cabinet meeting over “fundamental variables and uncertainties”.

The cabinet meeting, on Thursday, February 8, will no longer feature the local authority’s budget agenda item.

Instead, the council’s intention is to hold a single-item, extraordinary Cabinet meeting the following week, to consider the 2024/25 budget.

Councillor Phil Jordan, Isle of Wight Council leader, said: “Due to a number of fundamental variables and uncertainties in funding that are impacting the finalisation of the council’s budget, we have agreed to postpone the budget agenda item.

"There have been suggestions that government will add a further £3 million of funding to the settlement figure in addition to a share of £500 million set aside nationally for social care service delivery funding.

“We have no details on the amount of that for the Island, but our best estimate is around £1.5m.

“In terms of the potential added funding of £3m, again, we have no idea at this stage as to potential conditions attached to the extra money but assume they will come, if at all, with the final funding settlement announcement.

“I am sure residents will understand the position we have been placed in.

“I would like to assure our Island community that a properly formed council budget will emerge and be recommended to full council at the appropriate time.”