William Eichler 22 September 2023

Medway Council bankruptcy ‘very likely’, report warns

Medway Council bankruptcy ‘very likely’, report warns image
Image: Number1411 / Shutterstock.com.

It is ‘very likely’ that Medway Council will be forced to issue a section 114, a financial report has warned.

The council’s Medium Term Financial Outlook report estimates the Labour-run administration will face a £38.7m budget gap in 2024/25 on top of £17m it needs to find for this financial year.

The local authority also faces budget gaps of £49.1m in 2025/26, £65m in 2026/27, and £71.8m in 2027/28 if current trends continue.

The financial report concludes that the chances of the council having to issue an s114 notice were ‘very likely’.

Medway Council leader Cllr Vince Maple emphasised that the report is ‘just a forecast’ and that the council has ‘a number of options that we can take in the coming months and years to help address the forecast gap.’

If this article was of interest, then check out our feature, 'Preventing future Section 114 notices'.

What’s happening inside the LGPS? image

What’s happening inside the LGPS?

Get the most informed take on the challenges and opportunities that substantial reform will bring at this year’s PLSA Local Authority Conference.
SIGN UP
For your free daily news bulletin
Highways jobs

Senior Project Manager (Regeneration)

West Yorkshire Combined Authority
£49,359 to £56,057 per annum (pay award pending) – Grade 9
With ambitious goals ahead, we need dedicated individuals who are ready to make a real impact as part of our expanding Housing team Leeds / Hybrid
Recuriter: West Yorkshire Combined Authority

Information Governance Officer

Essex County Council
£28349.00 - £33351.00 per annum + pension
Information Governance OfficerPermanent, Full Time£28,349 to £33,351 per annumLocation
Recuriter: Essex County Council

Information Governance Officer

Essex County Council
£28349.00 - £33351.00 per annum + pension
Information Governance OfficerFixed Term, Full Time£28,349 to £33,351 per annumLocation
Recuriter: Essex County Council

HR Advisor - Pay & Policy (Career Grade)

Wakefield Council
Grade 9 - Grade 10, Career Grade, 24 hours, Permanent
Are you ready to make a difference and shape policies that foster a high performing and inclusive workplace? Wakefield, West Yorkshire
Recuriter: Wakefield Council

Leisure Support Assistant

Wakefield Council
£12,013.50 - £12,202.00, Grade 3, 18.5 hours, Permanent
Are You Ready to Make a Difference in Your Community? Wakefield, West Yorkshire
Recuriter: Wakefield Council
Linkedin Banner