Emergency Meeting to Discuss �200,000 Loss to Council's Budget
THE leader of North Herts District Council (NHDC) has warned some pain is inevitable as further pressure is put on the council s finances following today s (Thursday s) decision by the Bank of England to reduce interest rates by half a per cent. But Cllr
THE leader of North Herts District Council (NHDC) has warned some pain is inevitable as further pressure is put on the council's finances following today's (Thursday's) decision by the Bank of England to reduce interest rates by half a per cent.
But Cllr F John Smith has refused to be drawn on whether it will mean job losses or cuts in services.
He warned a week ago that a half per cent reduction, from 1.5 per cent to one per cent, would mean a further loss of �200,000 to the council on its investments.
NHDC's Cabinet has convened an emergency meeting tonight, an hour before the main council meeting, to discuss how it can cope with the latest blow to its already stretched finances.
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"Councillors will be told to put forward possible solutions on how we can cope with losing another �200,000 from our budget," said Cllr Smith.
"They need to find some answers but it is obvious some pain is inevitable.
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