Woking BC may have faced a section 114 notice at least four years before it declared effective bankruptcy, senior councillors have been told.
Officers believe the council ‘would have had grave difficulty in setting lawfully balanced budgets’ as far back as 2018-19 ‘had the issues now being drawn out been understood,’ according to a report to Woking’s executive.
The report added there was a ‘high probability’ that reports on budgets, financial monitoring and capital programming and financing going back years have 'all contained inaccuracies and misassumptions’.
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If this article was of interest, check out this feature by Joanne Pitt, Local Government Policy manager at CIPFA: 'Preventing future Section 114 notices'.
