A Surrey council has declared effective bankruptcy over a 1.2 billion hole in its budget caused by extreme high levels of borrowing as part of its investment strategy.Liberal Democrat-run Woking Borough Council on Wednesday issued a section 114 notice formally declaring it is unable to deliver a balanced budget with the 16 million it has available for 2023-24.
#immediately #partnership #administration #appointment #chief-executive #improvement #conservatives #independently #accountability #local-government
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