THE impact of 'Brexit' on the council is 'uncertain' – but concerns have been raised over the 'implications' the move will have on Warrington's economy.
Leave came out on top after 51.9 per cent of the UK voted to quit the EU last Thursday.
Cllr Russ Bowden, who is in charge of the budget, highlighted a number of fears and vowed to monitor the situation.
He said: "The impact of the referendum result on the council is uncertain.
"It is likely that our ambitious regeneration programme will be affected by the financial markets and the ability to raise capital borrowing.
"Although we have recently raised a bond issue and retained our Aa2 credit rating, it remains to be seen what appetite investors have to invest in the UK and what they will offer in the wake of this decision.
"A far more obvious impact to Warrington will come in the loss of the many programmes that are funded through the EU.
"For example, Warrington and Cheshire benefited from around £124 million of EU investment in the last funding programme, which is being managed by the Local Enterprise Partnership.
"Our new business incubator at The Base received £1.5 million of European Regional Development Fund funding alone."
But Cllr Bowden (LAB – Birchwood) said his fears do not solely relate to regeneration plans.
He added: "The EU also supports projects through the European Social Fund (ESF).
"This helps support people into work, fund apprenticeships, upskill our workforce and provide support to small and medium-sized enterprises.
"The total of ESF bids approved and in preparation is some £1.2 million.
"I am obviously concerned about the implications of the EU referendum on the economy here in Warrington.
"It is difficult to see what, if anything, will replace this funding in the future. That makes it clear to me that businesses and residents will be disadvantaged in the near term."
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