Birmingham City Council has spent a whopping £63m of its reserves to ‘structurally deliver’ its 2017/18 budget and reduce an overspend of more than £20m, a report to senior councillors has revealed.
The original budget had already contained a planned use of reserves of £42m.
This was boosted by an extra £16m late in the financial year to help offset a bigger-than-expected total overspend of £20.9m, which equated to 2.5% of the council’s net overall budget of £821.8m.
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