Barnet Council today published its long-overdue financial report for the first quarter, revealing colossal financial problems. The report, which was very delayed, shows unsustainable expenditure of around £40 million a year. The Labour administration has depleted nearly £20 million from the Council’s reserves to partly cover this but now admits the usable reserves have run out.
The scale of the deficit raises serious concerns about the Council’s ability to maintain its services for Barnet residents. Despite the Labour Administration’s extensive use of the Council’s reserves, they have failed to cut costs adequately.
Cllr Peter Zinkin, Leader of Barnet Conservatives, commented: "The Labour administration’s reckless use of the precious reserves we built up has left Barnet in a precarious position. With their mismanagement, we now face deteriorating services and cuts, which will affect every resident in the borough." He continued ‘’ when this year’s budget was set, I pointed out in a detailed note sent to all councillors the extreme weaknesses in the cost reduction plan. Almost all of these weaknesses have now materialised. Budget setting by this administration has no credibility’’.
As Barnet residents grapple with the implications of these financial failings, the Council must now consider difficult decisions that could have long-term impacts on the community.
Labour is financially irresponsible, Labour is Bad for Barnet