THE COUNCIL’S financial update was “good news” according to the executive member for finance.
Cllr Imogen Shepherd-Dubey briefed her fellow councillors during a meeting of Wokingham Borough Council’s executive, held on Thursday, June 29.
“We inherited the budget from the previous administration, with challenging levels of inflation. We had to make changes and savings as we went,” she said. “We have kept the council solvent and prepared it for the years to come.
“As expected, we had a £2.3m shortfall in the revenue budget in quarter one last year, but with the help of officers turned it around and made savings, to an £83,000 underspend.
“The general fund balance has a surplus, as of March, of £9.1 million which is a reasonable level.”
Cllr Prue Bray, the deputy leader of the council, wanted to know why there had been no supplementary estimates over the financial year.
“Not only has we brought the budget in under, but we also didn’t actually ask for any more money during the year either,” Cllr Shepherd-DuBey said. “I think that is a good news story all round.”
She then introduced the capital expenditure report, looking at projects the council spends money one.
“Some of the work has been carried forward to this (financial) year,” Cllr Shepherd-DuBey said.
Projects include spending £956,000 on buying four homes for the single homelessness accommodation programme, which is part funded by S106 developer contributions and a grant.
Both reports were approved unanimously by councillors.
