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News and Comment August 2023

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4 August (Part 2) - Flirting with bankruptcy

I’m sure I said so last year, or perhaps it was the year before, but probably it was both, that accountancy is not my strong point so trawling through and commenting on Bexley’s 2022/23 Accounts might be a slightly risky course to take. Even so I think I can safely say that the trawl has not so far revealed anything that might be called optimistic.

Whilst no individual departmental spending forecast has been horrendously wrong the cumulative overspends exceed £3 million with Children and Education being, as usual, the worst offender, going £8 million over budget. ‘Corporately held budgets’ have saved the day with a £6·5 million underspend. That is code for “we raided the reserves again”.
Budget Outturn
High interest rates, which is Government Policy, is driving Bexley ever closer to the edge just as it does for over-stretched families.

Last time bankruptcy loomed it was averted with job losses and the sale of a warehouse in Erith. Hard to see how that can be done again.

More delving required over the coming days.

 

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