‘Critically low’ levels of reserves have left Middlesbrough Council in danger of issuing a section 114 notice.
Middlesbrough is predicted to overspend its budget by almost £12m by the end of the financial year, according to a report to senior councillors.
The report called for ‘early and robust management actions’.
With usable reserves at what was described by officers as a ‘critically low level’ of £15m, the report concluded that a s114 would have to be issued if the gap cannot be closed.
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If this article was of interest, then check out our feature, 'Preventing future Section 114 notices'.
