An independent review of Hyndburn Council’s finances has concluded that the Council has strong financial governance, backed up by strong reserves.
The Council’s Audit Committee were recently informed about the outcome of the Local Government Association Independent Financial Peer Review, which took place in summer this year.
Chief Executive, Dave Welsby, said; “The Independent Review recognises that the Council has a strong culture of cost control and has effectively managed significant financial challenges in the past. It notes that we have a culture of good financial management and that the organisation has a good understanding of its overall financial position. Reserves are strong compared to other similar local authorities.
The Review also recognises that the Council has a strong track record of producing and delivering savings and has successfully reduced its debt portfolio and the accompanying interest costs associated with loan financing. These are all very positive signs of our financial governance and show how well the Council is performing in meeting its financial challenges.”
Mr Welsby added; “We are pleased that our record of strong financial management has been confirmed in the Review. We manage our finances extremely tightly, we have a strong culture of cost control and each year find new and innovative ways of delivering our services across the Borough, whilst making savings and keeping our reserves at a healthy and resilient level. “
The report is available on the Council’s website.