Councils have been granted the power to generate funds to improve local services through selling off surplus assets.
The changes to spending rules regarding capital receipts were first set out in Chancellor George Osborne’s Autumn Statement and are set to come into effect on 1 April 2016.
Under the new rules, councils can retain 100 per cent of the revenue generated from selling surplus assets, such as property or shares and bonds, and use this extra money to fund improvements to things like housing or children’s services.
The rules will apply for a three year period and come as part of wider changes to council funding which will mean revenue is generated locally, rather from central government grants, which the government claims will give council the flexibility to decide how best to use their income.
To ensure that the decision to sell surplus assets is taken responsibly, councils will be required to develop a dedicated strategy document to go alongside, or as part of their annual budget, which should list each project that plans to use revenues from capital receipts.
Communities Minister Marcus Jones said: “The devolution revolution and historic four year local government finance settlement means that councils can now plan budgets with security. These new rules will further incentivise local authorities to plan out the best financial future.
“They will be able to sell off their surplus assets in order to make additional resources available and make efficiencies to improve services that really matter to local people.”
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