In a report submitted to Thursday's (September 12) Executive meeting, the director of finance - Debbie Mitchell - laid out the council's projected financial position for 2024-2025.
It said that the council was in a "challenging position" with a £3.4 million projected overspend for the year.
However, the report added: "This is a huge improvement on the £11.4 million forecast overspend we have previously seen at this stage in the financial year and is a direct result of the significant work undertaken by officers across all parts of the council to identify savings and mitigations.
"There is still a forecast overspend and therefore, whilst it is incredibly positive that the position is much improved, there remains a great deal of work still to do."
The council said that if it continues to spend at the current level without change, then it will "exhaust" its financial reserves.
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