Council predicts £5.5m budget overspend after a single month
A Midlands council is predicting a £5.5m overspend on its 2019/20 budget – just one month into the financial year. In a report to Peterborough City Council’s cabinet, Peter Carpenter,[…]
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Kingston looks to set up company to buy £68m of commercial property
The Royal Borough of Kingston upon Thames is planning to set up a property investment company to oversee a planned multi-million-pound investment drive aimed at supporting council services. In a[…]
Spelthorne’s net property revenue set to overtake council tax income
Spelthorne Borough Council received £7.5m net revenue from its property investments last year – with the figure set to overtake council tax receipts next year. The council’s outturn figures, published[…]
Council commercial property investment rises again
Government data released last week indicates commercial property investment by local authorities rose again last year, though it is unclear on whether the annual rate of increase is slowing. The[…]
Leeds strikes deal with government over rising PFI schools costs
The Department for Education has agreed a deal with Leeds City Council aimed at protecting other education services from increasing costs on its Private Finance Initiative (PFI) schools contracts. A[…]
Spending Review uncertainty leaves fair funding reforms in balance
The emerging fair funding regime for local government finance could be delayed if the Treasury is unable to produce a multi-year Spending Review this year, according to local government minister[…]
Croydon looks for big returns on bricks and mortar
Croydon Council this week agreed to sell another 61 development sites to its wholly-owned housing company – Room151 explores the sums.
Council beats Brexit deadline to approve multi-million investment fund
Cabinet members at Norfolk County Council have approved the creation of an investment fund in a move timed to allow access to European Union money before the UK completes Brexit.[…]
Councils slam ‘misleading’ BBC reserves danger list
A number of councils have complained after the BBC last week named them as at risk of running out of reserves. In December, the Chartered Institute of Public Finance and[…]
Ministry repeats business rates blunder despite tightened oversight
The government has been left red-faced – and potentially £15m out of pocket – by repeating an error which last year cost it £36m and prompted major reforms to its[…]
