Report reveals Lichfield District Council expects to boost coffers by £400,000

Lichfield District Council is expecting to boost its coffers by an extra £400,000.

A review of the local authority’s finances by Councillor Christopher Spruce is due to be heard by an overview and scrutiny meeting this evening (February 2).

His report reveals how the council had expected to use £400,450 from its reserves to balance the books this year.

Cllr Christopher Spruce

Cllr Christopher Spruce

But the financial picture is now looking brighter, according to Cllr Spruce.

“For the period [from April] up to November 2015 we forecast a further transfer of £396,530 to general reserves,” he said.

“This is in addition to the £200,100 in quarter one, £424,410 in quarter two and £122,370 related to the housing services review.”

Savings made through the Fit for the Future review as have been partly responsible for the boost to the council’s balance sheet.

But Cllr Spruce said the authority’s finances were also expected to keep improving in future.

“In 2016/17, the savings target of £486,390 is projected to be exceeded by £112,960 and will result in a further contribution to general reserves.”

Founder of LichfieldLive and editor of the site.

1 Comment

  1. Sue woodward

    2nd February, 2016 at 11:18 am

    Is Cllr Spruce in denial? The funding gap at LDC will be over £2 million by 2019/20 based on current projections.