Wyre Forest District Council achieved an additional £0.5m of budget savings in 2014-15 according to a report to its Cabinet on 23 June.
The report on the provisional final accounts for the last financial year shows that, through prudent financial management, the Council saved £510,000. About half of this sum is proposed to be allocated to additional reserves to help fund the costs of the Council’s transformation and also to reduce the risk around the business rates system. The remaining £260,000 will be added to the Council’s general reserves.
These savings are in addition to £1m of savings and additional income the Council has already achieved in 2014/15 by transforming the way it works and growing commercial activity.
Wyre Forest District Council’s Cabinet Member for Resources, Councillor Nathan Desmond, said:
“The Council set a challenging budget for 2014-15 and it has demonstrated that its strategic approach has delivered significant benefits for local people and businesses, while maintaining a strong record of financial prudence. This report shows that our budget strategy continues to work. It endorses the balanced approach we have been taking to reduce costs through internal efficiency measures while growing income from sources other than council tax and Government grants.
“The final accounts savings of over £0.5m is very welcome in these challenging times. This achievement is the result of careful budget management, and I would like to thank staff and councillors for their hard work in reducing costs and increasing income. The Cabinet continues to build on this progress and is looking to expand commercial opportunities and gain more sponsorship so public services valued by local communities can continue to be protected.”