Council Finances in Good Shape

12.37.51pm BST (GMT +0100) Tue 12th Jun 2007

Council Leader Serge Lourie has publicly congratulated staff of the Council and Deputy Leader, Stephen Knight, on a successful year. The Cabinet considers a report on Council finances at its meeting on 18 June.

Usable reserves now stand at £37.2 million after items over which the Council has no control such as those held by school governors and specific funds set up by the Liberal Democratic administration have been put to one side. Speaking before the Council Meeting on 12 June, Cllr Serge Lourie said:

"This has been a good first year for this administration. It has been a year of transformation as we have now implemented the last Tory budget but with a decidedly Liberal Democrat twist giving priority to our key themes of sustainability, education, youth, financial control and the five areas of relative deprivation. We have allocated £4.6 million to these areas and will be investing this money over the next three years on our key priorities. Whilst the balances held of just over £37 million seems high, it is all needed. We know that we are going to have to invest up to £8.6 million of the council tax payers' money in the construction of a new Teddington School. In addition, the vehicles needed to implement our manifesto promise to undertake door to door collection of cardboard and plastic bottles will cost a further £3.5 million. The Council is recognised by the Audit Commission as providing excellent value for money and we have one of the lowest costs per head of any unitary council. We are also passionate about providing good basic services and will continue to do so. The Council is now recognised as a national leader on sustainability and the sound financial base will enable us to build on this reputation for the benefit of local residents."