Runnymede council warned over ‘significant debt’ after borrowing 71 times its spending power
A Surrey council has been served formal notice over its “significant debt” and an over reliance on commercial income to support its services. The Department for Levelling up, Housing and Communities (DLUHC) has written to Runnymede Borough Council after it borrowed 71 times its core spending power to fund an “investment strategy that produces a less than 1 per cent return”.
DLUHC’s Best Value Notice was issued on Tuesday, December 19, after the Chartered Institute for Public Finance and Accountancy raised concerns in July. The council can still receive, and be awarded, government funding while under the 12 month notice.
The full article may be found here:https://www.getsurrey.co.uk/news/surrey-news/runnymede-council-warned-over-significant-28332380