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Council reports budget underspend and money moved into reserves
08/06/2022
“the careful and prudent way we have looked after taxpayers’ money means we are already in a better position than we anticipated”
Cherwell District Council achieved a £430,000 underspend in the 2021-22 financial year. In addition to this, operational savings have enabled the council to put £828,000 of its contingency budget into reserves.
The savings were achieved through efficiencies in corporate budgets, complemented by additional income and one-off grant funding.
A report on the council’s finances was presented to the first meeting of the council’s new executive on Monday evening.
Councillor Adam Nell, Portfolio Holder for Finance, said: “I am very pleased with the way that Cherwell District Council has prudently managed and mitigated the challenges of great uncertainty we have been facing in recent years.
“This has helped to keep Cherwell District Council’s portion of the Council Tax as low as possible.
“The impact of COVID and uncertainties about the future of the way government funds local government have presented a challenge to councils everywhere.
“But the careful and prudent way we have looked after taxpayers’ money means we are already in a better position than we anticipated and for this I am grateful to my predecessor, Tony Ilott.
“We have no doubt that there will be further challenges on the horizon but this sound financial management places us on a firm footing to address them.”
Published: by Banbury FM Newsteam