BCC rating, Social bond push, Bucks software investment, Pompey pays up, Shared service IT
0LGA, Social Finance to help SIB issuers
The Local Government Association and Social Finance are to work with organizations developing Social Impact Bonds. The LGA and Social Finance – a body that helps to devise financial structures for Social Investment Bonds and help to raise capital – will provide support including technical guides, online tools and workshops to issuers of Social Impact Bonds. Money from the Big Lottery Fund is to fund the work. Nat Sloane, Big Lottery Fund England chair said: “The overall purpose of the contract is to ensure commissioners are supported in their understanding and development of robust Social Impact Bond proposals so that better outcomes are commissioned for people and communities most in need.”
Brum AA+ rating affirmed
Standard & Poor’s ratings agency today affirmed Birmingham City Council’s AA+ credit rating, then withdrew it at the council’s request. The outlook on the AA+ long-term issuer credit rating was stable at the time of the withdrawal. S&P said that Birmingham had a “predictable and supportive institutional framework”, a “very positive liquidity position” and a strong economy.
Bucks saves on contract software
Buckinghamshire County Council is hoping to see savings of £15m-£45m from a new software investment. The software will manage the council’s contracts in one place, saving 5-15% of the £300m it pays to external organisations. Bucks also hopes to sell the software on to other authorities.
Pompey pays back council
Portsmouth Football Club has paid back a £1.45m loan made to it by its council. The Pompey Supporters trust secured the council loan in February to help it take over the club and buy the Fratton Park ground. The supporters club said that the loan had been repaid with interest, thanking the council for its support. According to local press the council made £26,000 in interest on the loan over the five-month period.
Shared services difficult: CIOs
Council finance officers are not finding enough shared services IT providers on the market, according to a survey. RPC Consulting interviewed 27 chief investment officers and senior transformation executives in local government and found that the few examples seen of successful shared services were limited to non-core services and that joint procurement was seen as structurally difficult to achieve.
Wirral staff take unpaid leave
Staff at Wirral Borough Council are to take four days unpaid leave, saving the authority £1.5m. Strategic director for transformation and resources, Jo Blott, said that it was “regrettable” that the council had to ask employees to take leave without pay. “It is the result of the financial position the council is in at the moment.”
Crawley works on homelessness
Crawley Borough Council has received £300,000 in government funding to get residents out of temporary B&Bs. It is one of seven councils to get part of a £1.9m payout from the Department for Communities and Local Government. Figures from June show 69 households in temporary accommodation in the borough with 12 there for longer than the six week legal limit.
