The district share of East Suffolk residents' council tax is to increase by 2.81pc in the 2023/24 financial year.

East Suffolk Council’s cabinet has agreed to an increase of 2.81pc in its part of council tax bills meaning the rise would make the annual rate for band D properties £4.95 higher compared to the previous year.

Other property bands' rates would be set in line with the same increase of band D homes.

The council has set a General Fund Revenue Budget of £30.1m for 2023/24 including £16.37 million in Council Tax, which makes up just over 50pc of the money the council receives.Lowestoft Journal: Cllr Maurice Cook, East Suffolk Council’s Cabinet Member for ResourcesCllr Maurice Cook, East Suffolk Council’s Cabinet Member for Resources (Image: East Suffolk Council)

Additionally, in the five years up to and including 2026/27, a forecast £410m will go towards major projects as part of the council’s overall General Fund Capital Programme, and an additional £83m on housing development and new build schemes, and maintenance of the existing housing stock.

Cllr Maurice Cook, East Suffolk Council’s cabinet member for resources, said he was "delighted to present a strong, balanced budget".

Mr Cook said: “We have strived to keep council tax increases to a minimum, either by freezing it or increasing it by less than 3pc.

“We do not believe that council tax increases should be used to fund shortfalls and spending pressures.

"So, we will also continue to invest our reserves sensibly to generate income – all of which will help pay for services and keep Council Tax increases to a minimum.

Mr Cook also acknowledged the council's need to "generate money" to continue the "high level and quality services" in helping communities with the cost of living crisis.

The council's general fund programme includes a £24.9m Towns Fund grant to regenerate Lowestoft, driving economic growth and acting as a catalyst for future investment