Hillingdon Council risks bankruptcy due to critically low reserves and £34 million savings target. Hillingdon Council Faces Bankruptcy Amidst Financial Crisis Hillingdon Council needs major savings this year, and they must find £34 million. Otherwise, bankruptcy becomes a real possibility. Their reserves are critically low, a new report shows, due to overspending and undersaving. The…
Birmingham City Council gets £180M to pass a legal budget and avoid cuts amid ongoing financial challenges. Birmingham Council Secures £180M Credit to Solve Finance Crisis Birmingham City Council gets £180 million. This “overdraft” helps them pass a legal budget and balance the books for a March meeting. Without it, more cuts would happen. The…
Leicester residents face council tax and rent increases as the council struggles with significant budget shortfalls. Leicester Council Tax and Rent to Rise Amidst Budget Cuts Leicester council tax will increase in April. The council approved a 4.99% rise, which is the maximum increase allowed. Band B properties will pay £1.44 more weekly, generating about…
Nottingham City Council raised over £10.5 million selling properties as part of efforts to address financial challenges. Nottingham Council Property Sales Reach £10.5M Including Pub Restaurant Nottingham sold properties and land, making over £10.5 million. The council needed this money badly, and some properties sold for much more than expected. Acuitus, an auction house, ran…
Auditors found more financial weaknesses. Budget forecasts are a concern after the city’s bankruptcy declaration. Nottingham City Council Finances Face Significant New Weaknesses Nottingham City Council has money problems. New weaknesses in their finances were found recently, and concerns exist about budget forecasts. Auditors worry the city can’t predict gaps, departments seem understaffed, and risk…
Birmingham City Council auctions five properties, quickly raising £809,000 to address funding gaps. Birmingham Council Sells Property to Raise Funds Amid Financial Crisis Birmingham City Council needed cash. They sold five properties at auction on February 7. The sales happened in about thirty minutes. The council must get £1 billion by 2026. This money will…