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Newham's rainy day fund hits a 'very low' £4m after Covid-19


Published:
3:04 PM February 18, 2021
  
Updated:
3:37 PM February 18, 2021
Members of the borough s overview and scrutiny committee quiz Cllr Terry Paul and finance director Conrad Hall on Newham s reserves.
- Credit: LBN
A £9million drop in a rainy day pot has prompted questions about the town hall s coffers.
Newham Council will have £4m in its general fund reserve after this financial year due to the impact of the Covid-19 pandemic - down from £13,200,000 in March 2020.
Cllr Ken Clark asked a meeting of the council s watchdog overview and scrutiny committee on Wednesday, February 17 how dangerous it was to have just £4m left.
Conrad Hall, Newham s corporate director of resources, said it was important to consider not just reserve levels but how much was being paid in. ....

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