New leadership outlines full financial position for first time
29 November 2022
A report going to next week's Cabinet meeting will outline the council's current financial position and provide details of the full extent of the challenge it faces for the first time.
The report shows that the council faces a grave financial situation this year (2022/23) with expected investment losses totalling £275.4 million and a further £129.2 million being set aside to repay investment debt contributing to a total in year funding gap of £469.6 million, before mitigation.
The report shows that the council faces a grave financial situation this year (2022/23) with expected investment losses totalling £275.4 million and a further £129.2 million being set aside to repay investment debt contributing to a total in year funding gap of £469.6 million, before mitigation.