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Report reveals Lichfield District Council expects to put £200,000 into its cash reserves

Lichfield District Council is forecasting that it will put more than £200,000 back into its general reserves this year.

The offices of Lichfield District Council. Pic: Lichfield District Council

The offices of Lichfield District Council. Pic: Lichfield District Council

The local authority had budgeted to take £400,000 from the pot during the 2015/16 period.

But a report to a meeting of the Cabinet next week has revealed that the financial picture is looking brighter.

The latest round of Fit for the Future savings have helped to generate £351,400 of savings, while ongoing savings will raise another £92,660, according to projected figures based on the numbers from April to June.

Cllr Christopher Spruce

Cllr Christopher Spruce

However, the report from Cllr Christopher Spruce, Cabinet member for finance, has warned that the goalposts could still be moved.

“These early financial projections are based on the first three months of the current financial year,” he said. “At this stage it is uncertain what the implications will be for the Council of the two main issues announced in the Chancellor’s emergency Budget on July 8.

“The two issues are the Comprehensive Spending Review and Business Rates Review. The outcome of both of these reviews will not be known until December 2015.”

Cllr Spruce added that the Department for Communities and Local Government had been told to prepare for “either a 25% or 40% reduction in its funding over the next five years”.

His report also revealed that while the 2016/17 picture looks strong with savings of more than £480,000 already identified, more than £314,000 of the targeted £818,190 still needed to be found in order to balance the books during the 2017/18 period.

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