“We’re putting Thurrock Council back on a sound financial footing and that we should all welcome,” said Council Leader Cllr John Kent at Wednesday (8 June) evening’s meeting of the cabinet.
He was speaking after it was revealed that an unexpected extra £700,000 would be put back into reserves after the last financial year.
Cllr Kent said: “When I became Leader just over a year ago, the council was rapidly running out of money. £2 million is reserves and overspending at £½ million a month.
“Within six months — if nothing changed — we would have been broke. Instead we were increasing reserves.
“Sound financial management meant that by February, we were forecasting increasing reserves by £2.2, it now turns out that our reserves have in fact been boosted by £2.9 million, an extra £700,000!”
He said: “Last year we agreed our aim was to increase reserves to £9 million over the medium term, that’s still around four years away.
“The figures show that at the moment this council has £5.118 million, well on the way to our target.”
Cllr Kent said: “It doesn’t take an accountant to see that we’re putting Thurrock Council back on a sound financial footing and that should be celebrated by each and every person living here.”