Nottingham City Council has accepted the terms of a capitalisation direction allowing it use £35m to spread deficits from its now defunct energy company and implement planned transformation projects.
A capitalisation direction to be considered by Nottingham City Council on Friday will be used to spread losses from its failed energy company which left a £38m hole in council finances.
Councils’ net spending was 11% higher in the nine months to December than the same period last year, according to data compiled by the Ministry for Housing Communities and Local Government.
Central government has given London Borough of Croydon permission to use £70m of capital resources on revenue spending in order to balance its budget – with another £50m likely to follow.
The first year of full compliance with the Financial Management Code is upon us – but authorities have flexibility to interpret it to fit their circumstances
Ahead of the first full year of compliance with the Financial Management Code, Joanna Pitt, local government policy manager at CIPFA, gives a run down of the new guidance.
The government has confirmed it will triple the cap for Covid-19 business grants administered by local authorities as it moves away from European Union state aid rules.
Council estimates for 2020-21 cost pressures resulting from Covid-19 have risen by 3.5% over the past month, according to statistics from the Ministry for Housing, Communities and Local Government.
Leeds City Council has approved its budget for 2021-22, which will usher in £87.5m worth of budget reductions alongside redundancies and a 4.99% rise in council tax.
A High Court judge has thrown-out a legal challenge tabled by eight local authorities against lender Barclays Bank over historic Lender Option Borrower Option loans.
The government is considering whether a “system leader” could oversee local government audit in the future, after it rejected the Redmond review’s proposal of a statutory body.
Torbay Council has become the latest authority to shelve its planned commercial investment following PWLB rules changes – scrapping £68m of its planned programme.
UK councils’ efforts to tackle grant fraud are being hampered by the reallocation of resources to support efforts to respond to Covid-19, according to analysis from CIPFA.
Experienced local government finance officer Chris Buss is joining London Borough of Croydon as director of finance on an interim basis, after the resignation of current post holder Lisa Taylor.
The University of Stirling is launching a major new research project examining how local authorities procured goods, works and services during Covid-19.
The value of two retail investment properties purchased by North Somerset Council has dropped by more than £26m in the three years since they were purchased due to Covid-19.
Councils in England face setting aside an additional £2bn to help cover business rates appeals over the next two financial years due to Covid-19, unless central government support is forthcoming.
New legalisation passed by Stormont will allow local authorities to set independent tax rates, giving councils the flexibility to tailor rates to local needs.