Why it matters: The council says this "unprecedented level of investment" has been made possible through early action on savings, prudent pension fund investment, and what it describes as the best government financial settlement for Ipswich since at least 2016.
The big picture: The council says that for the first time in at least a decade, there is no requirement for a new savings programme as it has placed its finances on a more sustainable footing.
The council received £2.2 million more than expected in the government settlement after more than a decade of reducing funding levels.
The government has announced the first three-year financial settlement in a decade, which the council says will help with long-term planning.
More than three-quarters of the £19 million multi-year savings programme introduced in September 2024 has already been delivered.
The details: The £70 million investment will fund projects including Arras Square, the Ancient House, Grimwades, the Regent Theatre, Town Hall, Corn Exchange, a new aquatics centre, and the Portman Road development.
The council is also maintaining a 100% Local Council Tax Reduction Scheme to support more than 10,000 low-income households.
What they're saying: Councillor Martin Cook, portfolio holder for resources, said: "This year's Medium Term Financial Plan demonstrates the tangible impact of acting early, taking tough decisions, delivering savings and investing wisely. Because of the positive steps we took from 2024 onwards, we are now in a stronger, more sustainable financial position – and crucially, with greater certainty, we can invest significantly in our town."
"This budget sets out our focus for major investment in Ipswich town centre and beyond – powered by prudent financial management, a stronger national economic backdrop, and the best government settlement we have seen in at least a decade."
"At the same time, we have avoided the need for any new savings programme, protected frontline services, supported local households, and delivered one of the lowest council tax rises locally. We're protecting services today while securing Ipswich's stability for the future."
The other side: The council continues to face budget pressures from rising demand for key services, particularly temporary accommodation for homeless households, and new unfunded regulatory requirements such as building safety and housing standards.
What's next: The executive will consider the Medium Term Financial Plan on Tuesday, 10 February. If approved, it will be recommended to full council on Wednesday, 18 February.
The bottom line: The council says that through early action and prudent management, it has strengthened its finances enough to make major investments in the town centre while keeping its council tax increase below that of other local authorities.
