A report by Wokingham Borough Council’s Audit Committee has 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.
Responding to the report, Cllr Stuart Munro, Shadow Executive Member for Finance, 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 amenities bring to the local area, as well as the income that they generate on an ongoing basis.
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.
Cllr Munro said: “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.
“We hope that, going forward, the coalition will not simply try to take credit for the great financial position the Council has been left in.”
Additional information
- In the Audit committee meeting of 27th July 2022, consideration and acceptance of the Treasury Management Outrun Report showed net indebtedness of £72m against assets of £443m, and commercial assets of £249m with a benefit of £22.25 per household. These reports can be found here: https://wokingham.moderngov.co.uk/documents/g4210/Public%20reports%20pack%2027th-Jul-2022%2019.00%20Audit%20Committee.pdf?T=10
