Over the last few years, the Conservatives running Woking Borough Council have been on a massive spending spree.  According to the last set of accounts, the Council has long-term loans totalling £1.5 billion and is committed to £3.8 billion in loan repayments and interest over the next 50 years. 

We have recently seen local authorities such as Croydon, which has a similar level of borrowing to Woking, being forced into special measures because it could not meet its payment commitments.  Only last week, Slough Council declared itself effectively bankrupt when an over-estimation of income from a joint venture was revealed. 

Dr Gifty Edila, in reviewing the proposed development around the Woking Football Ground, highlighted that Woking Council had been secretive about the extent of contractual commitments. 

The Lib Dems and I believe that local people deserve the complete picture on Council finances.  That is why we made a commitment to a full financial review in our election manifesto.  Despite not running the Council, we are putting forward proposals for a review of the Council’s finances.

At the next Full Council meeting later this month, my Lib Dem colleagues and I will call for an independent auditor to produce a Statement of Affairs.  This should cover all Council activities, including those of all companies in which the Council has an interest.  It should show all the liabilities, net realisable value of all the assets and the contractual commitments the Council has made which will affect the Council’s finances in the future.

If the Statement of Affairs shows that the Council can meet its financial commitments it will be great to have that assurance.  If there is uncertainty, we need to know that too.  There must be a proactive plan to manage any risks and the Lib Dems want to contribute constructively and put the Council in the best long-term and sustainable position to meet the challenges ahead.