A public interest report into Woking Borough Council’s governance arrangements relating to past investment decisions and strategy has been published today (Tuesday 5 November).

The report, compiled by independent external auditors, Grant Thornton, highlights historic shortcomings in the council’s financial, governance and legal arrangements going back decades. It concludes that the council failed to ensure “best value” during that time due to a lack of financial control, risk management and effective governance arrangements.

This led to unsustainable borrowing and a legacy of extraordinarily high and disproportionate levels of debt.

The report found that key senior officers failed to fulfil their statutory duties during the period investigated. All the individuals concerned have since left Woking Borough Council.

Cllr Ann-Marie Barker, Leader of Woking Borough Council, said: “Since my administration gained control of Woking Borough Council in May 2022, we have been focused on tackling the severe financial challenges inherited from the previous administration.

“I welcome publication of Grant Thornton’s Value for Money review into governance arrangements relating to historic investment decisions. It represents a pivotal moment in understanding the decisions and actions of the past that have significantly contributed to the financial challenges we face today.

“It is important that my administration, commissioners and senior officers are given time to carefully consider the findings, recommendations and implications of the report before formally responding,

“In accordance with statutory requirements, an Extraordinary Council Meeting will be held on Wednesday 20 November to allow councillors to consider the report’s findings and recommendations before outlining a clear path forward.”

Sir Tony Redmond, Lead Commissioner for the government-appointed team overseeing Woking Borough Council, said: “On behalf of the Commissioner Team, I would like to thank Grant Thornton for producing this comprehensive report.

“Their thorough and independent examination has provided Woking Borough Council with crucial insights into the historic decisions that has led to a legacy of exceptionally high and disproportionate levels of debt.

“The Commissioner Team will study in detail the findings of the report and work closely with the council to ensure that the lessons from the past are fully reflected in the way Woking operates in the future.

Alongside publication of the public interest report, and in the interests of transparency, the council has today published confidential Executive and Council Part 2 reports and documents dating back to between 2016 and 2022.

Part 2 documents are confidential, often because they contain commercially sensitive information, as defined in Part 1 of Schedule 12A to the Local Government Act 1972.

An Extraordinary Council Meeting will be held at 7pm on Wednesday 20 November 2024 where councillors will consider the findings and issue a formal response to the report.