PLYMOUTH City Council has seen one of its financial accounts pitched £65m into the red as a result of its controversial shares and pension deal. The authority has had to treat the £72m transaction as a revenue expenditure meaning its reserves now show a huge deficit.
The authority, currently facing two inquiries stemming from the transaction, stressed this is only a temporary measure and is confident the Government will grant it a "capitalisation directive" which will allow it to put the reserves back in surplus.
Opposition Tory councillors said they were concerned about the situation, however, and complained that a pre-meeting was held prior to a recent audit and governance committee meeting, to discuss the financial position in private.
Esta historia es de la edición August 17, 2024 de The Herald.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición August 17, 2024 de The Herald.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
GIBSON IS TROUBLED
PERSISTENT THIGH INJURY FORCES DEFENDER TO SIT IT OUT
Furious Rooney admits: 'It can't carry on'
WOEFUL PILGRIMS THRASHED 6-1 BY A RAMPANT NORWICH CITY
Guardiola sorry for self harm comment
PEP Guardiola has insisted he did not want to make light of issues of self harm after comments about a cut on his nose on Tuesday night.
Henderson frustrated as naive Tavi get beat
TAVISTOCK manager Stuart Henderson cut a frustrated figure after seeing his side go down to a 3-2 defeat at Bashley in Southern League Division One with the inexperience of youth costing them dear.
Goodwin and Cox enjoy super win over defending champions
IN the mixed, there was a top of the table clash when Alison Goodwin and Alex Cox played last year’s winners Fiona Crutchley and Nick Haley.
Car makers are facing challenges - minister
THE problems facing car manufacturers as they shift to electric vehicles are not confined to Stellantis, Business Secretary Jonathan Reynolds warned after the Vauxhall owner announced plans to close its Luton plant.
Ready meals 'rip-off' Six held in terror probe
POPULAR UK restaurant chains may be “misleading or even ripping parents off” by serving ready meals and ultra-processed menus to children, according to a study.
Death of mum and son in avalanche 'tragic accident'
A MOTHER and son caught in an avalanche in the French Alps while skiing were killed in a “tragic accident”, an inquest has heard.
Lebanese start to return home amid ceasefire
A CEASEFIRE between Israel and the Lebanese militant group Hezbollah appears to be holding.
Online taxi firms welcomed
LOCALS MOSTLY APPROVE BUT CABBIES ARE CAUTIOUS
