Woking Council to Review Bankruptcy Report Findings

A report examining bankrupt Woking Borough Council’s “long and atypical history of borrowing” is scheduled for discussion by councillors on Wednesday. Auditors Grant Thornton released a public interest report on November 5th, which scrutinized the council’s financial state, revealing debts amounting to £2 billion. The report stated that accounting practices and systems were inadequate and that “significant mistakes were made” within the authority. It further identified Ray Morgan, who served the council in Surrey for over three decades, as the “principal architect of the council’s investment decisions.” Mr. Morgan had previously acknowledged the report’s publication and indicated it would be inappropriate for him to comment before Wednesday’s meeting. Woking effectively declared itself insolvent in June 2023, and government commissioners have since been appointed to oversee its financial recovery. The substantial debt primarily resulted from an investment strategy where the council borrowed hundreds of millions of pounds for regeneration initiatives, including the town’s Victoria Square development. According to documents prepared for the meeting, councillors are expected to fully accept the report’s recommendations and agree that an improvement and recovery plan should undergo review and updates. Ann-Marie Barker, the council’s leader, welcomed the report’s release, stating it represented “a pivotal moment in understanding the decisions and actions of the past” that contributed to the council’s current predicament. For updates, follow BBC Surrey on Facebook and X. Story ideas can be sent to southeasttoday@bbc.co.uk or via WhatsApp at 08081 002250. Copyright 2024 BBC. All rights reserved. The BBC bears no responsibility for material found on external websites. Information regarding our policy on external linking is available.