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.
Government takes action over Nottingham’s ‘appalling’ finances
An expert panel will be appointed to ensure the council brings its budget under control.
Lawyers brought in over Towns Fund row
Legal advisers have been summoned to break a deadlock between civil servants and MPs over a key document relating to the Towns Fund.
MPs to investigate S114s amid Croydon collapse
MPs have launched an investigation into the financial predicament of councils in the aftermath of Croydon LBC’s Section 114 notice.
Spelthorne undergoes finance peer review
A council branded reckless for excessively borrowing to buy up commercial property has undergone a finance peer review from the Local Government Association (LGA).
Croydon's property firm ‘entirely dependent’ on council funding
Croydon LBC has come in for heavy criticism over the performance of its property company.
More Section 114 notices predicted next year
Local authorities are facing deep cuts to frontline services and Section 114 notices next year, the sector has warned.
Spelthorne councillors to be more involved in commercial decisions after criticism
Spelthorne BC councillors will be more involved in future investment-related decisions after the council’s borrowing was criticised for ignoring government guidance.