Best Value Notice

On 19 December 2023 we were issued with a non-statutory Best Value Notice by central government. 

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

The Notice outlined concerns around debt relative to size, and reliance on commercial income as a substantial revenue source. The notice remained in place for 12 months in which time the Council took a programmatic approach to the response, delivered significant pieces of work to demonstrate continuous improvement and risk management, and continued the ongoing dialogue with civil servants in the Ministry of Housing, Communities and Local Government (MHCLG) to provide assurance.

On 19 December 2024, MHCLG informed the Council that the non-statutory Best Value Notice would not be reissued at this time. 
This recognises that the programme of work delivered during 2024 provided a robust response and reassurance that the Council is fulfilling its Best Value duty under the Local Government Act 1999.

Dialogue will continue with MHCLG civil servants during 2025 regarding the Council’s capital borrowing and debt profile, to continue to demonstrate robust governance arrangements and risk mitigation for asset management.

Relevant documents are provided in reverse chronological order below:

• download a copy of our Non-Statutory Best Value Notice expiration letter
• 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 (Oct 2024) 
  • Medium Term Financial Strategy update (Oct 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
  • Update on the actions arising from the self-assessment (Dec 2024)
  • Outcome of the 2024 Corporate Peer Challenge
• Property Holdings Performance Reporting
  • Q1 property investment performance report
  • Appendix C Market Analysis Property Update