Wolverhampton City Council has admitted its budgetary planning is not ‘an exact science’ after a £5m black hole emerged in its accounts.
The council’s financial spending plans had included a £5m special dividend
payment this year from Birmingham International Airport, in which the authority has shares.
However, this payment
has not been forthcoming,
leaving the council with a £5m shortfall.
Chief executive Richard Carr said: ‘Budget setting is never an exact science. The nature of financial predictions means that sometimes you get it right and sometimes wrong.’
He said the council continued to monitor its budgets throughout the year.
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