MORE than £1.8m of reserves at Oxford City Council are to be ploughed into new spending plans.
The local authority said the cash was set aside in case it did not achieve efficiency savings this year but said they were all ‘on track’.
A report to the executive board this month will recommend it is moved into the capital spending budget, which funds major projects.
It added: “In the unlikely event that the current year’s positive position deteriorates this transfer can subsequently be reversed.”
The move will be considered by the council’s finance panel next Thursday.
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