THE opposition at Southampton City Council has accused the Labour administration and officials of claiming finance problems didn't exist.

Councillor Dan Fitzhenry made the comments at a scrutiny meeting on Thursday where a more than 300-page document detailing the authority's financial black hole was discussed.

The council must find around £20m in savings this year and is running low on reserves after 'out of control' spending was identified.

Cllr Fitzhenry demanded answers on the details of how savings will be made.

READ MORE: Southampton City Council in 'crisis' talks with Government over cash

READ NEXT: Southampton finance boss accused of dodging questions on money issues

Prior to the election the council's lead financial officer warned of a possibility of issuing a section 114 notice - triggering Government intervention, a situation akin to bankruptcy.

MP Royston Smith has branded the situation a 'crisis'. The council is in talks with Government, but deputy leader Cllr Lorna Fielker said no crisis talks were taking place.

Addressing the meeting on Thursday, Conservative opposition leader Cllr Fitzhenry said: “This is significant.

“Here we are, eight months on after having the same conversation and we’re staring down something that politically and operationally was said doesn’t exist - and here it is.”

Back in February’s pre-election budget the Labour executive hit out at the Tory opposition for referring to the financial situation as potential bankruptcy.

Deputy leader Cllr Fielker attended the Overview and Scrutiny meeting in place of cabinet member for finance Steve Leggett.

Cllr Fitzhenry pressed the cabinet member for details on how savings were going to be made and specific numbers.

Cllr Fielker said: “I’m sorry we cannot provide you with the assurance you need today.

“What I do know is that those people who really understand the budget in a much more detailed way than you or I do, which is CIPFA (Chartered Institute of Public Finance and Accountancy), which is our auditors, which is the Government.

“They feel we have robust plans in place there and we will continue to work with those people, talk to those people –  and test what they are.”

Cllr Fielker said the council will take their view as they ‘actually are experts’.

“They will say to us very clearly 'you’ve got a problem when' we’ve got more of a problem.”