Good to see. Independent auditors have praised Lib Dem led Colchester Borough Council.
Auditors noted efficient management of financial resources, that the council's financial reserves were £530,000 more than the recommended level, that the council had achieved the savings needed to balance the books and had a fully-costed plan to close the council’s budget gap now and in future years, caused by reduced government funding.
Lib Dem David King, Portfolio Holder for Business and Resources, said: “The Audit Completion Report confirms that Colchester Borough Council has a robust and effective approach to managing our finances.
We have strong balances and reserves; we are achieving our latest and expected savings targets, and our commercial approach to income generation and securing external funding means we will be far better placed than many to continue to protect essential front-line services. We will continue to balance the books.
We will deliver improvements and the Better Colchester residents and visitors expect. We can only do that with effective and honest financial and risk management.
It is great to have that confirmed by an independent audit.'