Newly published draft statements of accounts for three financial years will contribute to “more robust” reporting in the future at Woking Borough Council, its political finance lead has said.
Four authorities have been given permission to raise council tax above the referendum limit to meet their spending needs next year, but one request was rejected.
Rising costs and ongoing financial crisis have prompted Woking Borough Council to propose shelving an infrastructure project aimed at helping to deliver additional homes.
Over-reliance on falling commercial income and high debt mean Woking Borough Council is “in the territory” of needing to issue a section 114 notice and has already stopped non-essential spending.
The reliance on falling commercial income to fill funding gaps at Woking Borough Council has placed the authority’s finances at an “immediate risk”, according to an internal report.
A council in south east England has discussed its high debt levels with the government, amid concerns it could fall foul of proposed capital risk interventions.
Woking Borough Council will borrow an additional £130m to cover increased costs resulting from Covid-19 and Brexit on a flagship mixed-use regeneration project.
