Statement on Thurrock Council's investment policy

16 October 2020
Ahead of coverage likely to appear in the national press this weekend (17/18 October) about an active court case, Thurrock Council would like to offer reassurance around its successful investment strategy.
Thurrock Council has been open about its investment strategy and the benefits it brings to residents, not least the £65million of additional income earned over the last 2 years as a result of these investments.

Action to manage financial situation already underway

15 October 2020
Thurrock Council's Cabinet, at its meeting on Wednesday 14 October, heard that work is already underway to close a £19million budget gap caused largely by the coronavirus pandemic.
As well as ensuring more is done to protect the most vulnerable members of our community throughout the pandemic, the council has also collected less revenue from business rates and council tax, so as to offer relief to hard-pressed residents and businesses.

Closing the gap

17 September 2020
Like councils across the United Kingdom, Thurrock Council's Cabinet has discussed the future financial challenges ahead as it begins to plan to shape budgets for a post-lockdown world.
Modelling completed by the council indicates there is a budget gap of around £19m to close. Financial pressure has been caused by a variety of factors, including COVID-19 spending pressures and loss of earnings over the last 6 months, along with a pause to the investment approach.

Thurrock Council finances in a strong position

23 July 2020
At a meeting of Thurrock Council's Cabinet on Wednesday 22 July, Cllr Shane Hebb – Cabinet member for finance – presented a report that confirmed:
Thurrock Council had delivered a balanced budget between April 2019 and March 2020
reserves had increased
income achieved from investment activity was above what had been planned
Last year Thurrock Council added more than £5.8million to its reserves, taking the total reserves up by 131% since 2016 and putting Thurrock is in a strong financial position to adjust to the post-COVID world.

Thurrock Council well-prepared for future financial uncertainty

9 July 2020
Cllr Shane Hebb announced yesterday (Wednesday 8 July) at a Full Council meeting that financial resilience reserves have increased from £8m in 2016, to £18.5m in 2020, and that the focus now must be on everyone working together to deliver the best possible solution for Thurrock post-COVID-19.
Deputy Council Leader and Cabinet member for Finance, Cllr Hebb said: "We have always said that we needed to fix the roof while the sun is shining, this is exactly what we have done and it has allowed us to put Thurrock into a strong financial position before the COVID-19 pandemic.

Thurrock Council prepared for financial pressures ahead

26 June 2020
Increased financial reserves – built as a result of an innovative investment policy over the last few years – will help Thurrock Council weather the financial fallout that will follow the global coronavirus pandemic, as all councils across the country begin to look at the services they deliver again.
That was the message from Cllr Shane Hebb, Cabinet member for finance, at Thurrock Council's Cabinet meeting last week (17 June).

Council eyes further financial success after four year balanced budget

26 July 2019
Thurrock Council has outlined ambitious plans to build on its financial successes after achieving a balanced budget until 2023.
Through strong financial planning, an innovative approach to commercial opportunities and an impressive investment portfolio, the council has balanced the books for another four years, as well as generating a multi-million pound surplus.
Cllr Shane Hebb, Deputy Leader and Cabinet member for finance and transformation, recognised the achievements in his annual report to Full Council today (Wednesday 24 July).

Healthy financial position for Thurrock Council

5 June 2019
Strong financial planning, an innovative approach to commercial opportunities and an impressive investment portfolio mean that Thurrock Council has a balanced budget until 2023.
The financial out-turn report, which will be presented to Cabinet next week, also highlights that 2018/19 was the first of five years of self-sufficiency and reports that the council’s reserves have increased by more than £13.5m.

Council Leader hits out at incorrect BBC local authority finance article

29 May 2019
Cllr Rob Gledhill, Leader of Thurrock Council, has hit out at spurious claims made in a BBC report that Thurrock Council is one of 11 UK authorities in danger of depleting their reserves.
Cllr Gledhill said: "This report appears to be based on incorrect assumptions and faulty maths. The idea that Thurrock Council could be in danger of running out of reserves is ludicrous. Thanks to our long-term economic plan and investment strategy we are in one of the strongest financial positions of any unitary authority in the UK.