THE AMOUNT of money in the council’s piggy bank has reduced by almost £3 million over the past financial year.
The figure was revealed in an answer to a question asked by Cllr Gary Cowan at a meeting of Wokingham Borough Council’s executive committee on Thursday, January 22. The Wokingham Paper was the only media present.
Cllr Cowan wanted to know how the general reserve fund was looking compared to previous years.
In 2013/14 it stood at £11 million and in 2016/17 it has shrunk to £10,036,000. It is currently standing at £7,072,000.
Cllr Julian McGhee-Summer said: “The balances have reduced significantly since March 2017 as a result of sizeable supplementary estimates approved in the year such as work needed on the Local Plan Update and the in-year overspend in People’s Services.
“£7million is a safe balance … it is however on the low side of the safe range.”
He pledged to increase it.
Space in The Wokingham Paper’s print edition of March 1 meant that we were unable to print the answer in full.
This is below:
Cllr Julian McGhee-Summer said: “The balances have reduced significantly since March 2017 as the result of sizeable supplementary estimates approved in year, such as the work needed for the Local Plan Update and the in-year overspend in People’s Services.
“Although £7m is a safe balance, as evidenced by the budget risk analysis work, it is however on the low side of the safe range.
“Work will be undertaken throughout the year and the next year to build the general reserves back towards previous levels by measures that contain within budgets or generating supplementary income sources.”
Cllr Cowan then asked: “Forgetting about our past Icelandic ventures, and not forgetting David Lee reminding us all the time about being the worst funded council in England, can you assure me that allowing for some risk in investment our resources are being put in the best possible way to get the best possible return for the Council?”
Cllr Julian McGhee-Summer said: “Absolutely. We analyse all our spend and that is in line with Council policy.”
