Strengthening Enfield Council's financial future

External view of Civic Centre

Statement

Enfield Council's Deputy Leader and Cabinet Member for Finance, Cllr Tim Leaver, said,  “Enfield Council is taking prudent steps to ensure we can protect ourselves from financial risks at a time of rising demand for the vital services we provide and increasing cost pressures. In common with many other Councils, we have applied to the Ministry for Housing, Communities and Local Government for £30 million Exceptional Financial Support to be made available if required.

“Enfield Council faces significant financial challenges due to years of government underfunding together with the impact of the national homelessness crisis and rocketing demand for social care support. The Institute for Fiscal Studies ranks Enfield as the 7th most underfunded authority in the country.

“Despite these challenges, we remain financially resilient and committed to setting a balanced budget by taking appropriate actions and making difficult decisions.

“We welcome the new Government's funding increase for next year. However, Enfield has suffered a sustained reduction in funding in real terms, which has led us to use reserves to balance previous budgets. Therefore, we have applied for Exceptional Financial Support to safeguard against future financial risks.

“This support will allow us to use our capital receipts to fund this Exceptional Financial Support without additional borrowing or debt costs. This responsible approach to budget planning will allow us to use our own funds to create a safety net to protect us from external risk.

“We continue to work hard to balance our budget by reducing costs and identifying savings.”

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