As the new financial year starts, I expect I am not alone in fielding questions from members and the public about the right level of balances held by the council.

On the one hand, there is the prudent questioner, who believes local authorities are leaving themselves exposed, if savings are not delivered. On the other, there is the less cautious inquirer, who believes balances should be spent now. There are many others in between, and all have a right to discuss the issue with us.