These provisional accounts showed just how well CWaC has performed financially. Here are some of the highlights from the report presented:
- CWaC saved an additional £2m on its revenue expenditure more than had been budgeted for.
- 'Overall the Council continues to demonstrate a healthy financial position, a strong balance sheet with net assets of £508m (up £24.5m) and a General Fund balance of £21.8m (up £0.5m).
- 'The General Fund balance reflects the Council's core reserves and these increased from £21.3m to £21.8m; this value represents 8% of the budgeted cost of the services in 2014-15. During the year the Council approved a Reserve Strategy which included a risk adjusted assessment of the target level for the general fund. This indicated that the Council should seek to retain the reserve between £18.8m-£21.8m to be prudent and give the Council flexibility in future decision making. The position at 31 March 2015 is at the top of this range and will therefore provide the Council with some flexibility in the future.'
I pointed out to the Committee what a 'golden legacy' had been bequeathed to the incoming Labour administration notwithstanding the public sector austerity of the last 5 years. I hope they won't squander it for all our sakes.