Conservative-run Surrey County Council has been forced to release a damaging financial report which warned in December 2016 that a 15% council tax referendum was "highly likely to fail". The report, produced by the Chartered Institute of Public Finance & Accountancy (CIPFA), cost nearly £25,000 and was commissioned in December but was only released to councillors on March 21st 2017, six weeks after the Council's budget meeting. The report states "In CIPFA's view a referendum is highly likely to fail" and goes on to note that the Council's financial position is "extremely worrying" and "the absence of a credible cost-reduction plan", and that "The council's financial plans are not robust and it is at risk of becoming financially unsustainable". It concludes that the council's financial resilience is "dependant on winning a referendum process, high levels of unidentified savings and rapidly declining reserves - not a good place!". Cllr Hazel Watson, Leader of the Liberal Democrats on Surrey County Council,