Summary of savings – including transformation
Financial sustainability position
The financial modelling shows that significant annual savings are possible through reorganisation and subsequent transformation. However, it will still leave a significant budget shortfall for the new councils to deal with due to the existing MTFP gaps and the likely impact of the Fair Funding Review. In addition, the stranded debt remains an unresolved issue that LGR can do nothing to mitigate in the current financial context.
Translating the financial pressures into three new Councils would show the following position:
The modelling for the two-unitary proposals shows marginally better financial results but this needs to be considered in the context of the significant non-financial benefits which the three-unitary model can deliver.
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