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Preston Council’s financial position is improving

Posted on - 29th May, 2019 - 7:00am | Author - | Posted in - Politics, Preston Council, Preston News
Preston's Town Hall - could it govern its own independent state? Pic: Tony Worrall
Preston’s Town Hall Pic: Tony Worrall

The financial position at Preston City Council is showing healthy signs.

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Councillors are to be told in the latest outturn report the city council is able to put additional funds into its reserves.

An underspend of £1.5million and a boom in money coming from planning applications and new homes being built in the city means once the council allows for ‘slippages’ it has £435,000 more than planned to put away for a rainy day.

Cabinet member for resources and finance councillor Martyn Rawlinson said: “The financial outturn further improves our financial position since the budget in February.

“The Council still has a deficit between income and expenditure but healthy reserves and balances are allowing us to pursue our manifesto commitments on the Community Bank, worker co-ops, new cinema development and more.

“This is reflected in the first Cabinet Agenda since the elections with a new play area in Fishwick, two homelessness projects and an anti-hate crime scheme.

“There is no room for complacency however, Brexit and the government’s Fair Funding Review for local authorities could still have a significant negative impact on the Council’s finances.

“We always have contingency plans for adverse budget activity but any reversal in our financial fortunes could seriously affect Preston’s progress.”

Read more: Council to expand the number of Muslim grave plots at city Cemetery

The city council has cut jobs in recent years as well as implementing a restructure of its senior management team – saving around £100,000 through non-replacement of some senior roles.

Read more: What we learned during the local elections 2019 in Preston

Councillors to hear details during the cabinet meeting on Wednesday (29 May).

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