Tory administration burning through Council reserves

The Liberal Democrats have highlighted that the Conservatives in charge at Borough Hall are burning through reserves at an alarming rate. The Council’s figures show reserves at March 31, 2023 were £56.9 million and forecasts reserves at March 31, 2025 to be £27.2 million.

That’s a reduction of 52 per cent.

In stark contrast, the when the Liberal Democrats were portfolio holders, reserves increased from £30 million in 2010 to £56.9 million.

Cllr Michael Headley, Liberal Democrat Spokesperson on Budget and Finance, said: “This administration is rapidly undoing all the good work we did to put this council on a sound footing that would weather any of the storms ahead.” .

“What I see is an administration burning through reserves at an alarming rate and facing significant short-term borrowing costs. This amounts to a buy now – pay later solution, building up bigger problems for the future. You can only spend the reserves once, and when they’re gone, they are gone.”