Surrey County Council expects to add £1.2bn to its debts by 2028

The council's financial position was described as strong, despite the increased debt

Surrey County Council expects to add a further £1.2bn in debt to its balance sheets, councillors have been told.

However, the council's finances, presented to its audit and governance committee on 17 January, were described as "strong" by an accountancy expert.

Paul Dossett, of accountancy firm Grant Thornton, told councillors: "Overall, it's a very strong report."

Council leader Tim Oliver said: "We face pressures like everywhere else... [but] will deliver for residents."

The council said its level of borrowing as of 31 March 2023 was £0.6bn.

It comes as data found Woking, Spelthorne and Runnymede councils had racked up some of the biggest debts in the UK.

Council officer Nicola O'Connor said Surrey's "ambitious" programme would result in increased borrowing but it would review actual spend compared to forecast before it did so.

'Strong position'

Paul Dossett of accountancy firm Grant Thornton told the meeting: "Your financial sustainability is in a better place than some other councils.

"I'm not downplaying the challenges you face. because you face some, but overall it's a very strong report."

Surrey County Council leader Tim Oliver says the authority has a "solid" financial base

Mr Oliver said in a statement: "While the county council has a solid and robust budget position thanks to many years of hard work and bold thinking, we face pressures like everywhere else.

"Demand on our services continues to increase and we're not immune from the unprecedented rise in inflation and costs.

"We are working innovatively and reviewing the way we deliver some programmes of work to ensure we are fit for the future and can continue to deliver the best outcomes for our residents."

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