Haringey Council's recent budget report revealed a staggering $32 million shortfall against a total budget of $310 million, despite prior cuts of $20 million.
The council's in-year finances showed a deficit of an additional $35 million for the first six months, showcasing alarming financial instability.
The new head of finance disclosed that Haringey's reserves have reached unsustainable levels, warning that using reserves to balance next year's budget is unfeasible.
The opposition Liberal Democrats have persistently warned of Haringey's financial struggles as the ruling Labour Party invested in vanity projects, leading to an impending financial crisis.
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