Recent figures show that prices are rising at their fastest rate in nearly 30 years. Soaring food costs and the energy bill crisis drove inflation to 5.4% in the 12 months to December. I know that this is putting even more pressure on local residents managing their budgets.

On Monday night Watford Council agreed its budget for the next year. We also face our own financial pressures at the council caused by inflation and responding to Covid. But we are determined to deliver the best possible local services and ensure residents get good value for money.

We agreed a minor increase to council tax of just 1.5%, or 8p per week for band D properties, far below the current rate of inflation at 5%. It is believed this will be the lowest increase in Hertfordshire, for the second year running. Thanks to the strong property investments made by the council, we now generate more income from these investments than on the income we receive from council tax, meaning we can keep bills down for residents.

Read more: Watford Borough Council passes 'ambitious' budget to regenerate town

Our strong financial planning has meant we can continue to invest in parks and open spaces through upgrade works to Meriden Park, Woodside and Lea Farm Rec and Leavesden Green Rec playgrounds, where we hope to build on our success of achieving 17 Green Flag Awards in 2021. We will also be planting more trees, improving Cassiobury Wetlands and cleaning the River Colne.

Over the past two years we have worked with local charities to reduce rough sleeping in Watford. While there is still lots of work to do in this area, we have seen many nights with zero verified rough sleepers in the town. We will be continuing this work over the coming year, with an ambition to end rough sleeping in Watford.

This is a budget of a council committed to making Watford an even better place for everyone who lives, works and travels here through continued investment in the areas that are most important to our residents.

  • Peter Taylor is Elected Mayor of Watford