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The issuance by Croydon Council's Section 151 officer of the section 114 notice last week has not only generated huge publicity into the parlous state of that Council's financial position but has also brought attention to the precarious financial position of many other local authorities.

Indeed, the Chief Executive of CIPFA suggested to Parliament’s Commons Housing, Communities and Local Government Select Committee that we were at a "tipping point" where a number of councils might not being able to balance their books next year.

In this edition we consider the details of the Public Interest Report issued by Croydon Council's Auditors which was a precursor to the section 114 notice and also consider the Public Interest Report issued in respect of Nottingham City Council's involvement in its wholly owned company Robin Hood Energy. There are many lessons to be learned and messages worth regular reinforcement in these reports. In this edition we also consider the huge changes being introduced under the leaseholder service charge regime in the draft Building Safety Bill and explore the legal issues arising from a council's recent Interest Rate Swap transaction – Back to the Future anyone!

With that in mind we also include a link to our forthcoming local government mini-conference. In one of the sessions we will be looking at the attributes of the many and varied funding products available to local authorities as price competitive alternatives to PWLB. Please register to join us on the 8th and 10th December.

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