An Audit Commission report warns that some councils may be unable to cope with a second flooding disaster.
The commission supported calls from Oxfordshire councils for a review of how Government assistance was targeted.
It warned: "Local authorities were able to cope this time. But if there was another serious flood tomorrow, some wouldn't have enough money in reserve."
The county, Oxford city, Vale of White Horse and West Oxfordshire councils were among 18 authorities to take part in the review.
The study said assistance to flood hit areas from Government was poorly targeted and did not provide value for money.
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