THERE is no chance of Wokingham Borough Council following neighbouring Slough into halting all non-essential spending according to leader John Halsall.
On Friday, July 2, Slough Borough Council announced it had filed a Section 114 notice with the government, seeking financial support.
Chief executive Josie Wragg, who used to work for Wokingham Borough Council, said: “Slough’s financial problems result from a range of challenging financial issues that have grown in scale over a number of years”.
Cllr Halsall said that similar circumstances couldn’t happen here due to the council’s strong financial team.
“Our financial reporting system has got a clean bill of health from the auditors, our financial controls are very good,” he said.
“We’ve got an excellent finance director and an excellent executive member for finance
and, if I may say so, the leader of the council with some experience.”
And the council ended the financial year with a “pretty solid” reserve level.
“The Liberal Democrats confidently stated that our borrowings were £750 million at the end of the year, actually, the outturn was £131 million, which is covered by our assets – about 10 times our revisable assets.
“The £131 million is almost, in its entirety, supported borrowing which will be repaid by income.”
He concluded: “I can reassure residents there is no chance of (Slough) happening here.
“The finance team is really very, very good.
“Our finances are in rude health.”
