District councillors say cuts will have to be made after a committee meeting heard Coalville is 'running out of money'.

The Coalville Special Expenses Working Party met on Tuesday to discuss its finance update.

Councillors heard that the 2021/22 draft figures show a forecasted deficit of £24,000 and balances of £109,000 held as at March 31, 2022.

There is a forecasted net revenue expenditure of £694,000 and total funding of £522,000.

The forecasted deficit of £171,000 would mean estimated deficit balances of £63,000 as at March 31, 2023.

That drew some realistic comments from the committee about what lay ahead for the area.

Cllr John LeGrys said: "We have to look at the issue where we're going to dig into reserves - we'll be around £70,000 out of pocket with this budget in front of us and cuts have got to be made.

"We've got to decide about what needs to be cut and how much of a tax increase will we have do on 2023-24.

"I would like to know what does this committee statutorily have to pay for, such as the burial grounds, and what we are doing to provide for the benefit of the communities.

"All members have to be aware that, unless we start increasing income, whether from council tax or other sources, is that the benefits we've had in recent years - we can't continue with that."

The committee heard that it has six weeks to decide what to recommend to the council's Cabinet in the new year.

Cllr John Geary added: "It is obvious that we are running out of money.

"We have to cut our expenditure or increase our income - there's no other way.

"I will be suggesting a 30 per cent reduction in the events budget next year.

"It's cruel, but it's got to be made.

"Also, when it comes to parks, recreation grounds, open spaces or war memorials, I think we have to scrutinise the expenditure on each item.

"We have got to make savings, it's as simple as that."

Cllr Michael Wyatt said: "It's obvious to me, and it will be when it comes to next year's May elections, that the reason we're in a mess is that the Tories have deliberately made this area not function as it should do.

"It'll be a bigger mess next year, but they'll be kicked out. The Conservatives should apologise for messing up."

Cllr Elliott Allman responded and said: "The Liberal Democrat team are more than welcome to attend the finance meetings that, it is my understanding, they withdrew from over a year ago now.

"It'd be good to see there faces, have a look at the figures and maybe give some input. At the moment, it's Labour and Conservatives who are making the hard decisions. The Liberal Democrats are just sitting there."