STORY
Changes to councils’ financial reporting are being proposed by CIPFA in an effort to improve transparency and reduce the risk of future financial failures on the scale of Woking Borough Council.
The MJ reported that the proposed changes to the prudential code are intended to strengthen reporting around council borrowing and investment decisions. Woking’s financial collapse has remained a significant reference point in debate about local authority risk management.
The proposals come as councils continue to face pressure over debt, commercial investments and long-term financial sustainability. Any changes would be closely watched by section 151 officers, auditors and councillors responsible for financial oversight.