A lower than expected overspend by the authority, of £3.6 million, will be revealed next week when its draft Statement of Accounts is presented to the Audit Committee on Monday (8 July 2013).
Councillor Andrew Johnson, Wolverhampton City Council's Cabinet Member for Resources, said: "We set extremely ambitious savings proposals for the 2012 to 2013 budget.
"While any overspend is clearly not to be celebrated, this is a good outturn compared to how overspent we might have been due to the unrelenting cuts by the Government of our funding.
"We have taken firm action during the financial year to achieve as much of the savings needed to meet the Government's cuts as was practicably possible.
"However, these results clearly serve to reinforce the severity of the challenge facing the council, which as I recently said is now estimated to increase by a further £5 million to £10 million on top of the £59 million already identified by 2017 to 2018 as a result of George Osborne's mini Spending Review for 2015 to 2016 announced last week."
He added: "I assure the people of Wolverhampton that my colleagues and I will continue to do everything in our power to protect essential services and the most vulnerable in our city.
"But the extreme difficulty of continuing to be able to achieve this given the unprecedented scale of government cuts should not be underestimated."
- released: Thursday 4 July, 2013