We have now received confirmation our application for £15 million in Exceptional Financial Support (EFS) from the government has been agreed.
We recently published draft budget proposals, setting out a clear strategy for tackling the city’s temporary accommodation crisis and requesting flexibility from government to meet the challenge.
The draft budget, which will be voted on later this week, proposes a range of measures to safeguard and improve services as well as raising more commercial revenue.
It also recommends significant investment in priority services for the city, including measures to increase housing supply.
We're keen to also build up our financial reserves, so we can be better able to manage any future financial pressures.
To help manage the unprecedented financial pressures we face, we also applied for EFS from government.
EFS provides flexibility to councils to borrow additional funding to manage financial pressures while the council continues the wider transformation work needed to bring spending back onto a sustainable footing.
In Brighton & Hove, the EFS will be focused on addressing emergency and temporary accommodation costs.
And we have now received formal notification our application for £15 million in EFS had been agreed. That makes this council one of more than 30 to have EFS approved, including nearby Worthing and East Sussex.
Councillor Jacob Taylor, Deputy Leader and Cabinet Member for finance and city regeneration, said: “We’re pleased to have received notification of our successful request for EFS; this will help us create the headroom required for this council to make long-term improvements, to modernise our services and to address long-term financial pressures.
“This is also not a situation unique to Brighton & Hove.
“It is a financially sensible option which allows us to continue to invest in services at the same time as taking steps to reduce ongoing costs and tackle financial pressures and, importantly, build up our financial reserves and strengthen our long-term financial resilience.”
