Nottingham issues section 114 notice

Nottingham City Council has issued a Section 114 report.

The council's chief finance officer issued the notice, as in his professional opinion, the council isn’t able to deliver a balanced budget for this year, which is a legal requirement.

The Executive Board met on 21 November and discussed a report which outlines the council’s latest financial position. The report highlights that a significant gap remains in the authority’s budget, due to issues affecting councils across the country, including an increased demand for children’s and adults’ social care, rising homelessness presentations and the impact of inflation.

The council is forecasting a gross General Fund pressure of c£57m which is partly being mitigated from one-off in-year management and corrective actions (including use of previously approved reserves) reducing the net forecasted pressure for the year to c£23m.

The council also said that past issues relating to financial governance which led to the appointment of an Improvement and Assurance Board, and an overspend in the last financial year have also impacted on the council’s financial resilience and ability to draw on reserves.

The council pointed out that it is not bankrupt or insolvent and still has sufficient funds to meet all of its current obligations, to continue to pay staff, suppliers and grant recipients in this year.

A meeting of all councillors will now need to take place within 21 days to consider the report.

In a statement the council said: "Senior Officers and Members remain committed to continuing to work with the Improvement and Assurance Board and the Department for Levelling Up, Housing and Communities to put the council on a stable financial footing for the future."

 

Image by Kirstie Coolin from Pixabay

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