Approval of a new combined authority in the East Midlands will give power over £4bn of funding and “bring lasting benefits” to the region, local leaders have said.
Not reducing a forecast £6.1m overspend this year would fully deplete the risk reserve at Derby City Council and put financial stability at risk, officers have said.
More local authorities will be on the brink of issuing Section 114 notices this year if the government does not release additional funding to stabilise the sector, a chief executive has warned.
