Unspent budget carried forward says council
AN underspend of £1million out of Cambridgeshire County Council s £510million annual budget must stay unspent, the council has said. The money from the 2005/2006 budget will be carried forward to help with the increasing cost of providing services in the
AN underspend of £1million out of Cambridgeshire County Council's £510million annual budget must stay unspent, the council has said.
The money from the 2005/2006 budget will be carried forward to help with the increasing cost of providing services in the county this year and next.
The council is concerned demands on its budget will increase and the cost of borrowing will rise.
Councillor John Powley, cabinet member for corporate services, told The Hunts Post: "It would be irresponsible to spend the money on anything. We may face difficulties in 2006/7 and 2007/8 in that we will be obliged by the Government to do more but there will be no additional funding from them.
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"There are other reasons too. The council borrows money and it is likely that interest rates will go up.
"Also, our cash balance in the bank is low and the money has been added to that. We need to use that money as a buffer against a one-off unexpected expense."
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Cllr Powley paid tribute to the county's officers who had managed the finances so efficiently to bring about the £1million saving.