An independent review into Woking Borough Council’s financial position has said that the council is in a good position overall and highlighted areas of improvement already being worked on.
The independent report, which provides a detailed assessment of the council’s assets, liabilities and accounting position, was commissioned following agreement of the medium term financial strategy by the council’s Executive and a notice of motion agreed by Council at its meeting on 27 July 2021.
Cllr Ayesha Azad, Leader of Woking Borough Council, said: “Woking is an ambitious and forward-thinking local authority. For more than a decade, through its financial strategy has successfully invested in residential, retail, office and leisure amenities that have transformed our borough.
“This report acknowledges the focus we have placed on regeneration and the alignment of our financial strategies to achieve this. Most importantly the comprehensive report did not reveal anything unknown to us and it provides assurances around the council’s asset valuations approach and short-term cash and investment positions.
“Whilst our borrowing is considerable, the council remains financially strong. The council has assets valued greater than liabilities and its reserves are sufficient to manage short-term financial shocks.
“The report does raise points around our exposure to risk in certain markets and emphasises a number of issues that the Council will give increased focus and attention.
“This report will now be used to inform the council’s medium term financial strategy, which will be presented to Council in March.”