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Council coffers to drop by £800,000 more than expected
1:00pm Monday 24th December 2012 in News
FINANCE bosses at Colchester Council have been told they must find an extra £800,000 savings to balance the books.
Next year, the grant given to the local authority is 0.9 per cent up on last year, largely because a large number of homes and social housing has been built in the borough.
But the government has indicated that in the following financial year - 2014/15 - the grant will be around £800,000 less than Colchester Council’s finance experts had predicted.
Since the coalition government was formed in May 2010, local authority budgets have fallen by an average of 30 per cent.
Mr Smith said: “Obviously, it’s bad news for Colchester taxpayers."
See the Christmas Eve Gazette for the full story