Nottingham City Council says it will need to "consider the appropriate next steps" amid a forecasted £23 million black hole in its finances.
Nottingham City Council says it will need to "consider the appropriate next steps" amid a forecasted £23 million black hole in its finances. Issuing an update on its financial position on Tuesday, November 14, the authority said it was not bankrupt or insolvent. "The organisation has sufficient financial resources at hand to meet all of its current obligations, to pay staff, suppliers and grant recipients," it said.
It comes after Nottinghamshire Live reported that theby issuing a Section 114 notice, something that the Corporate Director of Finance and Section 151 Officer, Ross Brown, would have the power to do. The council said Mr Brown will need to consider the appropriate next steps for the authority, which "will include a further assessment of the Council’s ability to deliver a balanced budget in year". "If this assessment concludes that it is not feasible for the Council to balance its budget, consideration of the issuance of a report under Section 114(3) of the Local Government Finance Act 1988 will need to be made," the statement continue
Nottingham City Council Finances Black Hole Bankruptcy Insolvent Budget
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