Hillingdon Council ‘must deliver’ £34 million in savings outlined in its budget this year or face the possibility of declaring bankruptcy due to reserves reaching a critical position.
A report by the Chief Financial Officer for the council states that issuing a Section 114 Notice – councils technically can’t go bankrupt but issuing a section 114 Notice is effectively this because it means it cannot commit to any new spending – is a ‘possibility’ following years of declining reserves, overspending, and under saving.
