Nottingham City Council has asked the Government for forms of ‘exceptional financial support’ after it effectively declared itself bankrupt at the end of November last year. The Labour-run authority took the extraordinary step of issuing a Section 114 notice on Wednesday, November 29, amid a £23m budget gap in the current financial year.
Nottingham City Council has asked the Government for forms of ‘ exceptional financial support ’ after it effectively declared itself bankrupt at the end of November last year. The Labour-run authority took the extraordinary step of issuing a Section 114 notice on Wednesday, November 29, amid a £23m budget gap in the current financial year.
Chief finance officer Ross Brown said the council was unable to set a balanced budget as legally required, owing to reduced Government funding and soaring demand and costs for social care and homelessness services. The collapse of council-run Robin Hood Energy and unlawful spending from its Housing Revenue Account also left its reserves depleted. Extra financial support has now been requested for both the 2023/24 and 2024/25 financial years, because of a separate budget gap of £53m in the year beginning April 2024. If granted, the support will not be in the form of a Government grant. Instead it is likely to be a combination of loans and special permission to raise money from council assets and spend it on day-to-day operational cost
Nottingham City Council Exceptional Financial Support Bankrupt Budget Gap Government Funding Social Care Homelessness Services Robin Hood Energy Housing Revenue Account Financial Support Loans Council Assets Operational Costs
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