The Birmingham Post (p3) reports that the council has been forced to put a stop to all capital expenditure because of a£10m shortfall, which is predicted to rise to£18m by the end of the next financial year.
Mr Bird last night told a full council meeting that the authority would be 'skint and bankrupt' if proposed land sales to private developers didn't go ahead.
He said: 'We have got to put the council back in a solvent situation. The only way is to increase income or reduce our overheads. I am confident we will be able to get the budget under control.'