Brent Council’s finances are “on track” but there are still huge challenges ahead, its leader and deputy leader have said.

They outlined a review of the council’s finances at a cabinet meeting on Monday, pointing out that it is important to work with what they have.

Cllr Margaret McLennan, deputy leader of Brent Council, said it was “a testament to the hard work” of all at the council that it managed to achieve a balanced budget last year.

And while things are looking healthy for the start of this year – despite an overspend of £600,000 – she noted that it is important not to be complacent.

“We are on track – that’s the main thing,” she said. “There is pressure in some areas, particularly in housing, and we need to keep a long term view of things, but, we are on track.

“We will have to work with our resources to make sure we stay within our budget and deal with the challenges ahead.”

She added that the main objective of the council’s finance department is to “achieve a balanced budget by 2021”.

Her words were echoed by Cllr Muhammed Butt, leader of Brent Council, who championed Brent’s achievements – especially when compared with other London boroughs – but issued a frank warning to the public.

He said: “It won’t be easy, but we will need to find the money we need from somewhere because any extra funding just won’t be there.

“There will be challenges ahead but we will have to deal with them as and when they come.”