Cllr Stuart Munro, Shadow Executive Member for Finance, Business and Regeneration writes:
A report by Wokingham Borough Council’s Audit Committee on the Audit committee meeting of 27th July 2022, found that investments by the previous Conservative administration delivered a strong financial return for taxpayers.
The report, approved by councillors including those from the Liberal Democrat-led coalition administration, found that Conservative investments had brought a net financial benefit of £22.25 per household.
The Conservative Opposition is now calling on the administration to apologise for telling residents that the Council’s finances had been badly managed.
It should be noted that investments in commercial assets like the Wokingham Town Centre regeneration were valued at £249million from only £72million of debt. This is in addition to the significant benefit such superb amenities bring to the local area, as well as the income that they generate on an ongoing basis.
The social benefits of the town centre being enjoyed by 1000s of residents from across the borough especially now with the opening of the new leisure hub and Library, with the rents not only providing an income going forward it all has been at no cost to the residents as the interest paid on the loans is more than being covered by the income generated by the project.
We, the Conservatives, argue that this proves that, despite the claims of financial mismanagement in the past, sound and long-term thinking has helped to secure the Council's financial future.
The Audit Committee report proves that the Lib Dem-led coalition’s claims of financial mismanagement, repeated at the most recent Executive meeting, are totally baseless. Councillors from the administration have endorsed these figures, along with a recognition that prudent planning brings a net benefit of £22.25 to every household.
The current leadership should apologise for misleading residents, and agree that the Conservative administration was acting in the very best interests of all residents with these decisions.
I hope that, going forward, the coalition will not simply try to take credit for the great financial position the Council has been left in and acknowledge that not only does the town centre provide and excellent return, but the overall contribution when measured is several percentage points of Council Tax contribution for the whole Borough.
