The London Borough Croydon has proposed reprofiling a £69.2m arts centre refurbishment as capital spending, after council subsidiary Brick by Brick was “unable” to fund the project.
Local authorities who have applied for greater financial flexibilities to help balance their books could be waiting in limbo until September to receive confirmation, a senior civil servant said this...
The London Borough of Croydon expects to receive the majority of “at-risk” loan interest from its crisis hit housing company Brick by Brick in 2020-21, according to its finance chief.
The London Borough of Croydon has withdrawn its section 114 notice, following the government’s decision to grant support allowing the authority to balance its 2020-21 budget.
Section 114 notices are unfit for purpose, two senior officers at the London Borough of Croydon – which issued two last year due to financial problems – told MPs this week.
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.
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 government has “no other credible alternative” to granting the London Borough of Croydon a capitalisation direction to ease its financial woes, a review it commissioned has concluded.
London Borough of Croydon has requested permission from the government to use borrowing earmarked for capital projects on filling its revenue budget gap instead.
The London Borough of Croydon has issued a second section 114 notice after it was unable to make sufficient cuts to balance a forecast £66m overspend in its budget this year.
Croydon Council has been unable to set out more than £11.2m of in-year savings towards a £67m shortfall this year – saying the task is impossible without central government support.
The financial performance of London Borough of Croydon’s commercial companies and other ventures have consistently missed forecasts outlined in their business plans, according to a review.
The Local Government Association has launched an investigation into whether disciplinary action should be taken in relation to senior management actions at financially-stricken London Borough of...
Croydon Council has issued a section 114 notice banning all non-essential spending, due to the “severe ongoing financial challenges” facing the authority.
London Borough of Croydon has been accused of "corporate blindness” over its financial position in a rare public interest report compiled by audit firm Grant Thornton.
A London council is likely to have to issue a section 114 notice if a bid to use capital funds for revenue services is refused by central government, its section 151 officer has indicated.
Croydon Council has said it cannot guarantee it will not issue a section 114 notice this year, amid reports it is seeking permission to use capital resources to fund services.
