Residents in Waltham Abbey will pay £500 more in council tax every year than some of their neighbours in other parts of Epping Forest as the town aims to balance its books.

Waltham Abbey Town Council has agreed to raise its precept by 1.95per cent for the next financial year after a £25,000 cut in the funding it receives from central government.

The increase, which will boost the council’s coffers by an extra £2 per household each year, means a resident living in a Band D property in the area will now be paying £130 a month in council tax.

Cllr Antony Watts, chairman of Waltham Abbey Town Council’s policy and resources committee, said: "Waltham Abbey Town Council has another challenging year ahead.

“The council has set its budget for 2017-18 after a detailed scrutiny of all the council's income and expenditure, and having taken into account the decrease in the support grant which we receive via the district council."

The council has also pledged to generate more income through hire bookings at some of its properties, including Waltham Abbey Town Hall and Town Mead.

Cllr Watts added: "Our budget allows the council to make provision for long-term projects, such as the extension to the town cemetery, and the precept increase of 1.95 per cent.

“This is the equivalent of an additional £2.02 on each Band D council tax bill per year –and will allow the council to keep its rolling five-year financial plan on track whilst maintaining robust reserves and investing in the future."

Meanwhile, Epping Town Council has taken the decision to freeze its council tax precept for the 2017-18 financial year.

The move will see residents in a Band D home paying just £85 per month council tax, some £500 less a year than those living at similar properties in Waltham Abbey.

Despite freezing its precept, the local authority will also be able to fund the refurbishment of five playgrounds in the town over the next five years.

This year, the council funded the £38,000 renovation of a play area in Frampton Road.

Epping town clerk, Beverley Rumsey, said: "We have successfully received funding for our previous two playgrounds but we need to use some of our own funds to be able to attract outside assistance."