Nottingham City Council is set to accept a government offer to borrow £20m this year in a capitalisation direction, but the communities secretary has reserved a right to attach “bespoke conditions” to a further tranche due next year.
Robert Jenrick has agreed a deal with Nottingham allowing it to borrow £35m in 2020-21 for revenue costs - £20m this year to “maintain financial resilience” and £15m in 2021-22 to “fund a comprehensive change programme” - a paper to the council s executive board today explained.
This follows similar agreements signed with Croydon and Bexley LBCs, Eastbourne and Luton BCs, Wirral MBC and Peterborough City Council.
Local government minister Luke Hall has said he is minded to approve a district’s request for a capitalisation direction worth almost £13m, council papers