Windsor’s parliamentary candidate for the Liberal Democrats has defended his party’s record in administration amid the ongoing risk of council bankruptcy.

Councillors heard a stark update about the state of the Royal Borough’s finances in September’s cabinet meeting, which revealed the authority’s debt stands at more than £200m.

Finance lead councillor Lynne Jones said the administration would do “everything we can” to avoid a Section 114 notice – which would declare the council effectively bankrupt.

Councillor Julian Tisi, the Liberal Democrats’ parliamentary candidate for Windsor, told the Local Democracy Reporting Service: “If we do nothing, we are heading for the rocks.

“It could happen soon, it could happen next year. We have to make this point now, apart from anything else, to manage expectations.

“We just have to put it out there that money is now exceptionally tight, and we need to find some savings.

“What really upsets me is that there are certain things that the last administration really should have seen coming.”

The borough’s low levels of council tax, growing demand for adult social care, and high inflation and interest rates have been cited as among the key pressures on council finances.

The council will also require all non-essential spending to be approved by a Spending Control Panel as part of its effort to bring finances under control.

The current administration – which includes the Liberal Democrats and members of The Borough First Independents – took control following the Conservatives’ defeat in May’s local elections.

A spokesperson for Windsor Conservatives said: “Governing is tough. Budgets are tight. If the Lib Dems don’t like that, they should stay in the comfort of opposition.

“We make no apologies for keeping council tax as low as possible during a cost of living and energy crisis.”

But Councillor Tisi, who is also chairman of the audit and governance committee, added: “One of my key points is that when you look at the Conservative Party now, they’re not actually conservative anymore.

“They are no longer the party of low taxes, they’re no longer the party of financial management.”

He will contest the parliamentary seat of Windsor at the next general election for the Liberal Democrats.

While usually characterised as a Conservative-safe seat, Windsor is expected to be a key target for the Liberal Democrats following the local election results.