Birmingham City councillors have been warned that the economic downturn is likely to reduce the amount of money being raised from the sale of local development sites.
A report to cabinet members has shown that the council is on target to raise £51m in capital receipts from the disposal of surplus properties, and has already raised more than £35.57m. However, it adds: ‘Individual regeneration or service development projects may be adversely affected.’
Ashford DC has suspended plans to redevelop Brookfield Court, and Cllr Peter Wood, portfolio holder for housing and property, said: ‘It is with regret that the council has decided to postpone the project.’
Two ways to improve local authority finances
The NAO has concluded insufficient action has been taken to address weaknesses in council finances. Teams from TLT LLP consider what councils should do next.
