Nottingham City Council is looking to review 550 of its assets by the end of next year with a view to selling them and raising much needed funds to pay off its debts.
The council headed off intervention by Government commissioners when it managed to reduce its 1.2 billion debt by £200 m although an Improvement and Assurance Board (IAB) now oversees council improvements and has been given a targeted list of requirements to fulfil.
Cllr David Mellen, City Council Leader, believes that selling property and land no longer required by the council is just “one of the ways” it could fill its coffers, stating that such an approach is necessary “at a time when our Government grant is drastically reduced and we are unable to borrow due to the involvement of the Improvement and Assurance Board.”
The independent board has been working with the council to help develop and implement a medium-term financial plan. It became even more closely involved in September after the Government decided against appointing commissioners to take over certain decision-making functions at the council.
The updated financial plan is to be discussed at a full city council meeting on Monday (October 31) along with documents revealing the cost of the IAB’s findings and continued oversights by the council.
