COUNCIL ONCE AGAIN MANAGES ITS BUDGET EFFECTIVELY DURING THE RECESSION

PRESS RELEASE

14.6.10

The Council has just drawn up its draft accounts for 2009/10 and once again has shown its ability to mange its finances well in some of the most financially challenging times the country has known

Reduced income from areas such as planning and building control continued throughout the year as well as income from investments reducing to such low levels that an approach of using any surplus cash available to reduce expensive external borrowing to fund expenditure had to be made.

In the revised budget the Council was originally expecting a deficit of £85k with plans to restore this in 2010/11. However, as a result of more income from assets, lower borrowing costs, savings from efficiency projects and more prudent spending the Council will not carry this deficit into the new financial year.

The overall financial position continues to be challenging. Already notifications are being received of various grants that are under review by central government both for 2010/11 and later years. The Council will need to continue to manage its finances carefully in light of these announcements.

The Leader of the Council Malise Graham stated “In the current economic climate we all know how important the management of our finances is. Difficult and sometimes unpopular decisions have to be made to live within our means, so that we do not ask those in the future to pay for our debts. I am grateful to all concerned who have managed us through the problems of the last financial year.”

Ends

For more information please contact:

Dawn Garton

Head of Financial Service

01664 502444

dgarton@melton.gov.uk