BASINGSTOKE council is expected to end the present financial year with a surplus of more than £1million.
Delighted deputy leader Rob Donnelly told The Gazette: "These are provisional figures and they could change slightly. But we have made huge savings this year.
"Basically, we had an increase in our expected income of £645,000 and with increased savings on our expected expenditure, there is more than £1million in cash at the end of the year.
"The rise in income results partly from our profits from land and increased income from car parking.
"We raised the car parking charges for the first time in three years and we are also managing the car parking well."
Council leader Cllr Brian Gurden said the surplus figure was achieved in a net revenue budget of £14 million. He explained that these savings had nothing to do with the council's major capital projects.
"This year we have completed 87 per cent of our capital projects," said Cllr Gurden. "That compares with 76 per cent of projects completed the previous year and 63 per cent the year before that.
"We are often accused of not managing the borough's finances properly and spending the reserves. But at the end of every year we achieve a surplus. This money will go into the reserves."
Cllr Donnelly added: "This is the kind of investment that is driving Basingstoke and making it a better place to live in. We are not only maintaining but also increasing our reserves."
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