CCLA announces new chief executive
Investment manager CCLA has announced the successor to current chief executive Michael Quicke, who is to step down from July. CCLA, which currently manages £1.8bn of local authority cash across[…]
Treasury
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Warrington approves £80m housing association loan facilities
Warrington Borough Council has approved £80m of loans to provide borrowing facilities to two housing associations for house-building in the area. The council’s executive board this week agreed a five-year[…]
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Council auditors ‘should not be allowed to provide advisory services’
Audit firms should be banned from carrying out consultancy services, according to a report of MPs. The Business, Energy and Industrial Strategy Committee this week released a report into the[…]
Brexit fears push rates lower, sparking £2bn PWLB borrowing spree
Brexit uncertainty helped fuel almost £2bn of borrowing from the Public Works Loan Board in March – the highest monthly total for seven years. Councils took advantage of plummeting interest[…]
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Bonds agency turns to councils for help on first issue
The UK Municipal Bonds Agency is calling on councils to help it salvage plans for its first bond after dropping a requirement for borrowers to take collective responsibility for any[…]
Bonds agency set to drop collective liability requirement
The UK Municipal Bonds Agency (MBA) is poised to undertake a major revision of strategy and remove a key hurdle to participation after five years’ of unsuccessful attempts to issue[…]
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MHCLG ‘concerned’ over councils’ investment code compliance
Some councils are failing to comply with revised investment code requirements on proportionality and minimum revenue provision (MRP), according to a senior government official. Speaking to a session at Room151’s[…]
Senior council officers voice doubts over retail investment exposure
More than half of senior local authority finance officers think councils are overexposed to shopping centre and other retail property investment, according to a Room151 survey. The Room151 2019 Current[…]
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Councils isolating CFOs risk failure, warns new CIPFA code
Chief finance officers (CFOs) must be at the “top table” of local authority decision-making to prevent budgetary failure, according to a draft Financial Management Code published by the Chartered Institute[…]
Capital idea: Putting asset sales into a local context
A recent report shone a light on the use of capital receipts by a small number of councils to fund redundancies. Rob Whiteman says that the issue is more complicated[…]
