Councils will continue to draw on reserves, predicts Moody's
Many councils will continue to draw on their reserves to manage the uncertain funding environment and offset budgetary pressures, international ratings agency Moody’s has predicted.
Sector should challenge ‘poisonous narrative’ around commercialism
Councils should not be held back from responsible commercial investments because of high-profile failures by their counterparts, according to a panel of experts.
CIPFA to publish strengthened local government prudential code
A new code of practice to ensure local authorities’ financial plans are 'affordable, prudent and sustainable' will be published by the end of the year.
Sharpening the commercial edge
The case for well-managed council commercial activity is one that needs to be defended if we want a mature and sustainable local state, argues Jonathan Werran.
EXCLUSIVE: Councils urged to 'sharpen commercial edge'
A new report has argued that allowing councils to sharpen their commercial edge will ‘unlock immense latent place potential’ and help ‘galvanise recovery’.
Council presses ahead with £100m property investment
Somerset West and Taunton DC has doubled down on its commercial property investments during the COVID-19 pandemic.
Council companies lose £600k
North Yorkshire CC’s commercial ventures are facing a loss of more than £600,000 following a year of COVID-19 disruption.
Croydon-owned developer slumps to £800k loss
Losses at Croydon LBC’s property development firm have continued to grow, according to newly filed accounts.
Reining in the risks?
South Somerset DC takes an entrepreneurial approach that it says has turned it into a council that no longer cuts services. But will the current review of the prudential framework inhibit the sector from spreading investment risk? Dan Peters reports.
Council apologises over property investments
Kensington and Chelsea LBC has admitted putting income above community benefits in its past property deals.
Councils defend 'misunderstood' commercial investments
The Government’s clampdown on commercial investments has come under fire from councils.
Northumberland 'concern' over company finances
Northumberland Council is looking to exert more control over its wholly-owned property firm after it posted losses of £30m.
Oxford urged to halt property investment
The Labour administration has rejected calls to scrap £20m spending plans.
Councils bail out airport
Local authorities are among the shareholders that have been asked to provide loans to Birmingham Airport as it suffers from COVID-19 restrictions.
Finding more funding
A flurry of Government grants have been received by local authorities in the wake of the pandemic. While this has helped some councils stabilise finances, what longer-term approach is needed to balance budgets? Martin Ford reports.
Spelthorne told it must 'understand and manage risk'
A council that invested almost 40 times its budget in property must ‘understand and manage risk and its impact on future financial performance and sustainability,’ a Local Government Association (LGA) finance peer challenge has said.
Nottingham plans £100m asset sale
The council has identified £100m of assets for sale as part of a plan to bring its finances under control.
Extra scrutiny for council companies
Senior councillors will receive a confidential quarterly report on the performance of all Warrington Council companies after two external reviews into the authority’s commercial approach.
Intervention threat over 'unwise' investments
Councils have been warned the Government will intervene if they rely too much on commercial investments.
Merton to close development company
Councillors will be asked to wind up the authority’s development company next week without a brick being laid.