In June, it was revealed the parish council had lost more than £800,000 in two years: £365,000 in 2022/23, and £468,000 in 2023/24.
The authority’s reserves also dwindled from more than £1 million to £435,000. They should hold £1.44 million – equivalent to two months of gross expenditure.
But the city council’s finances have improved, the latest figures show.
At the end of October, the council had a £609,000 net underspend, but the projections include “outstanding commitments to the year-end and other pressures”.
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Officers predict a council-wide outturn of nil (Image: Newsquest) The figures were presented in the administration and Conservative group’s draft financial plans, which were compiled with the help of council officers.
The documents said: “Officers predict a council-wide outturn of nil i.e. breakeven.
“Councillors are reminded that the council experienced losses of over £800,000 in real terms over the last two financial years.
“The base budgets for 2024/25 were similar to 2023/24 and therefore any outturn less than a £400,000 loss, without any reduction in service delivery, is a significant achievement.”
Responsible financial officer Steve Bishop, who was appointed at the start of last year, spoke to the council’s Finance and Governance committee on Monday.
He said: “We’re underspending our budgets. It’s going the right way.”