Best Value Notice

On 19 December 2023 we were issued with a Best Value Notice by the Department for Levelling Up, Housing and Communities (DLUHC). 

The notice outlines concerns around debt relative to size, and reliance on commercial income as a substantial revenue source. Remaining in place for 12 months the notice represents a formal request to engage with DLUHC to provide assurance.

The Best Value Notice was issued following the publication of the independent capital assurance review undertaken by CIPFA in July 2023 which contained six recommendations.

The notice and review acknowledge that Runnymede Borough Council has engaged constructively, already taken action to mitigate risk, and has a strong grasp of its financial landscape. In August 2023, the Council provided DLUHC with an initial response to the recommendations in the CIPFA review including next steps to be taken at that time. This action plan is now being delivered as one of the workstreams in the Council’s non-statutory Best Value Response programme and is described as such in the Programme Charter.   

Relevant documents are provided in chronological order below:

• read the CIPFA capital assurance review (July 2023)
• Council’s Response to the CIPFA Capital Assurance Review (Aug 2023) - pdf document
• download a copy of our Non-Statutory Best Value Notice (19 Dec 2023)
• visit the GOV.UK website to read further details around the Best Value Notice
• Programme Charter – Non-Statutory Best Value Notice Response programme Feb 2024)  - pdf document

Outputs from the Non-Statutory Best Value response programme delivered in 2024:

• Financial sustainability
  • Approach to Financial Sustainability - Progress Report (October 2024) 
  • Medium Term Financial Strategy update (October 2024)
• Special Purpose Vehicle Company review
  • Review of company governance (July 2024)
  • Ethical Commercial final report – review of governance of companies
  • Appointment of Shareholder Non-Executive Director to SPV Board
• Continuous Improvement and Best Value
  • Report on 2024 self-assessment Best Value duty 
  • Action plan arising from the self-assessment
  • Outcome of the 2024 Corporate Peer Challenge
• Property Holdings Performance Reporting
  • Q1 property investment performance report
  • Appendix C Market Analysis Property Update

Best Value Notice outcome

On 19 December 2024, the Ministry of Housing, Communities and Local Government (MHCLG) informed the Council that the non-statutory Best Value Notice would not be reissued. 

This recognises that the programme of work delivered during 2024 provided sufficient assurance to demonstrate that the Council is fulfilling its Best Value duty under the Local Government Act 1999.

•  Best Value Notice expiration letter - 19 December 2024

Dialogue will continue with MHCLG civil servants regarding the Council’s capital borrowing and debt profile, to continue to demonstrate robust governance arrangements and risk mitigation for asset management.