Shropshire Council’s cash reserves could dip as low as £200,000 by the end of the year unless 'significant action' is taken, according to new figures.
Shropshire Council’s cash reserves could dip as low as £200,000 by the end of the year unless 'significant action' is taken, according to new figures.Early forecasts for the new financial year show that the council has currently identified around 60 per cent of £62.5million worth of targeted savings for this year – but is still grappling with a £24m budget gap.
“In overview, the current position indicates a potential spend over budget of £38.5m. This is not acceptable or sustainable and requires urgent management intervention in all portfolio areas to secure corrections,” said the report by the council’s finance chief James Walton. “It remains early in the year, and the data upon which the forecast is prepared is more accurate than last month, but the estimated position through the remaining months of the year is not yet certain.
According to the report, social care costs are set to be around £3m higher than expected, while current estimates indicate unforeseen budget pressures of around £11.4m in other portfolios.
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