Shropshire Council now has less than half the minimum recommended level of money in its reserves.
Councillor Lezley Picton said staff and the cabinet had"worked their socks off" to get the overspend down from a worse case scenario of £17 million.
In his report James Walton, director of resources said the overspend was slightly less than the £10m predicted at the end of quarter three.Presenting the report Councillor Gwilym Butler, said no one could have expected interest rates to have risen as they had over recent months or that there would have been such a cost of living crisis.
The strategy is also intended to help build the council’s general reserves back up to a sustainable level, which its auditors say should be between £15m and £30m."Shropshire Council is in danger of jeopardising its financial solvency," he said. Responding Councillor Picton said:"Everyone is working their socks off to deal with this. The staff are doing fantastic work and yet they are getting constant criticism."
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