Ongoing problems in Oxford, too:
City council leaders in Oxford are warning they face making cuts to jobs and services due to the global financial downturn.
Officers are warning council leaders that the local authority is facing falling income and rocketing costs, with the likely overspend on services estimated at ^1m.
Fewer people are using the city^s leisure centres and car parks, while tourism is also down because people are cutting back on their spending, a financial report warns.
The problem has been compounded by the escalating costs of the concessionary bus fare scheme for pensioners, which is now expected to cost ^500,000 more than expected.
The council^s financial reserves are also said to be under real threat from ^the potential write-off of all or part^ of its ^4.5m investment in Icelandic banks.
For the full article, see
http://www.oxfordmail.co.uk/news/3846708.City_heads_for_financial_woe/