Stories about Public Finance

Money for nothing
The Chartered Institute for Public Finance and Accountancy (CIPFA) closed its consultation on draft changes to the Prudential Code last month, following a preliminary consultation earlier this year. The code governs how much councils can borrow to invest and what forms of commercial activity they are permitted to pursue.

£37.5 million council maintenance backlog caused by underinvestment to be part-funded by asset sales
Exeter City Council has allowed property assets to deteriorate while prioritising new schemes including the £44 million St Sidwell’s Point leisure centre, forcing it to identify assets for sale to pay its outstanding repair bills.

Exeter rough sleepers in COVID-19 emergency accommodation face uncertain future
Exeter City Council has yet to confirm whether it will use any of the £2.15m Rough Sleeping Initiative funding it has received since 2018 to keep housing rough sleepers when government emergency accommodation funding runs out.

Coronavirus halts decision to spend £3.9 million on car park repairs and upgrade
Exeter City Council spending plans will be revisited in June at same time as Net Zero Exeter carbon reduction plan is discussed by Executive.