News

Thurrock Council takes major step to financial recovery

19 December 2022
Today (19 December) Thurrock Council has announced another major step in plans to recover from its grave financial position.
The council's Interim Director of Finance has issued a 'Section 114 notice' to the council, which indicates that the authority will not be able to deliver a balanced budget from within existing resources this year and into next.

New leadership outlines full financial position for first time

29 November 2022
A report going to next week's Cabinet meeting will outline the council's current financial position and provide details of the full extent of the challenge it faces for the first time.
The report shows that the council faces a grave financial situation this year (2022/23) with expected investment losses totalling £275.4 million and a further £129.2 million being set aside to repay investment debt contributing to a total in year funding gap of £469.6 million, before mitigation.

Statement on Toucan Energy Holdings 1 entering administration

11 November 2022
Cllr Mark Coxshall, Leader of Thurrock Council, said: "Yesterday I decided to agree to support Toucan Energy Holdings 1 (TEH1) entering into administration.
"This is a positive move forward in enabling Thurrock Council to resolve its financial position and maximise recovery for Thurrock residents. The solar farms held by Toucan continue to generate income and as the primary creditor Thurrock Council will be able to seek to recover the value of investment.

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