4 August (Part 2) - Flirting with bankruptcy
I’m sure I said so last year, or perhaps it was the year before, but
probably it was both, that accountancy is not my strong point so trawling through
and commenting on Bexley’s 2022/23 Accounts might be a slightly risky course to take.
Even so I think I can safely say that the trawl has
not so far revealed anything that might be called optimistic.
Whilst no individual departmental spending forecast has been horrendously wrong the cumulative
overspends exceed £3 million with Children and Education being, as usual, the
worst offender, going £8 million over budget. ‘Corporately held budgets’ have
saved the day with a £6·5 million underspend. That is code for “we raided the reserves again”.
High interest rates, which is Government Policy, is driving Bexley ever closer
to the edge just as it does for over-stretched families.
Last time bankruptcy loomed it was averted with
job losses and
the sale of a
warehouse in Erith. Hard to see how that can be done again.
More delving required over the coming days.