THE IMPACT of a large Government cut in council funding in Waltham Forest remains uncertain, despite the announcement of a smaller than expected reduction yesterday.
Town Hall number-crunchers are still assessing the real term financial loss to the authority of a 5.2 per cent budget reduction next year, followed by a 3.74 per cent cut in 2012/13.
Waltham Forest’s settlement looks favourable compared to some other nearby boroughs, with both Newham and Tower Hamlets seeing a reduction of 10 per cent next year.
The council estimated that it must save £65 million over the next four years, with every service department affected and widespread job losses.
But the budget was based on an estimated 7 to 8 per cent funding cut this year.
However, changes to the way funds and grants are allocated means council accountants are still assessing the figures to see if the authority will be better off than expected.
The funding reduction is still at an unprecedented level and is likely to have widespread implications for the delivery of services.
The Leader of Waltham Forest Council, Cllr Chris Robbins, said: “We are looking at the settlement to find out the precise implications for Waltham Forest Council.
Once we have done this we will share this information with residents.
“We know we are under severe financial pressure, not least the increasing demands on the adult and children's social care budgets.
"We know we will have to make some very difficult decisions and that we won't be able to deliver all the services we have in the past.
"We cannot forget that the emergency budget earlier this year reduced our budget by £6.5 m and we have also lost a number of grants which provided free swimming and playground equipment.
"We have also lost in excess of £250m from our schools Capital Programme."
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