Caerphilly County Borough Council has underspent its budget to the tune of £660,000 so far this year – but there is still trouble ahead.
A recent statement of accounts for 2008/09, which was presented to a meeting of full council, showed that the authority had actually under spent by £660,000 which represents 0.22% of the net revenue budget.
Cllr Colin Mann, the deputy leader of council and cabinet member for resources, said: “This report clearly demonstrates that we have steered the council though the recent economic turbulence using sound financial management, while protecting frontline services to the public.
“This healthy balance sheet shows that our prudent fiscal management, together with our ongoing drive to identify savings and cut waste, is leading to positive results.
“This reflects the council’s aims to maintain a sound overall financial position which allows our departments to provide residents with appropriate service delivery arrangements.”
The report comes on the back of news the council is set to get £12 million back from a £15 million investment with Icelandic banks.
Despite these positive financial announcements, the picture in the longer term still looks gloomy after Cllr Mann admitted recently that 300 council jobs might be at risk.
Council leader Lindsay Whittle has said the authority is looking at a £25 million budget gap over the next six years.