DCN RESPONDS TO NAO REPORT ON LOCAL AUTHORITY INVESTMENT IN COMMERCIAL PROPERTY
Responding to a report by the National Audit Office on local authority investment in commercial property, Cllr Sharon Taylor, District Councils’ Network Finance spokesperson, said:
“District councils have a proven track record in finding innovative solutions to deliver services and invest in the towns, cities and communities where residents live their lives and businesses do their business.
“District councils have punched above their weight in terms of savings made through shared services but have also faced the biggest reduction in their spending power since 2015 compared to other types of councils.
“To address funding cuts and future funding uncertainty, it is right that district councils seek new sources of revenue to plug funding gaps through prudent investments that manage risk, protect local services on behalf of their taxpayers and help achieve the wider ambitions for their places.
“Unless districts secure alternative sources of revenue, essential services that our local communities rely on face being cut back or stopped altogether.
“The forthcoming Budget and Spending Review must reverse the decline in spending power for districts between 2021 and 2024, and set district councils free to raise income in ways that are locally responsive and accountable.”