Plymouth City Council is looking for its third chief finance officer in just over three years after the sudden resignation of Ian Trisk-Grove.
Mr Trisk-Grove is leaving his role only eight months after being appointed and at a time when the authority is wrestling with borrowing nearing £1 billion.
The council is already interviewing for an interim replacement, with Mr Trisk-Grove due to leave in December.
The role comes with a salary between £87,744 and £121,996 and carries huge responsibility for a council that has spent years cutting costs and juggling investment plans against rising demand for services.
The chief finance officer is the council’s legally required section 151 officer, the person who must raise the alarm if local finances are at risk.
Plymouth City Council has been forced to save millions of pounds from its budget in recent years to meet surging pressures in adult social care, children’s services, home to school transport and homelessness.
On top of this daily strain sits a controversial pension transaction in 2019 where the council borrowed £72 million of government money and channelled it through a consultancy firm in a complex move engineered to reduce a pension deficit.
Years later the Labour Government has today formally approved the transaction after an independent assessment, including a review by the Chartered Institute of Public Finance and Accountancy.
Councillor Mark Lowry, Cabinet Member for Finance, said the confirmation proved there had been no wrongdoing and drawed a line under months of speculation and unfounded criticisms. He said:
“We welcome the Government’s decision to grant the capitalisation direction, which confirms what we’ve known all along - that the 2019/20 transaction was lawful, financially sound, and delivered real value for Plymouth residents.
“This outcome draws a clear line under months of speculation and unfounded criticism. The independent reviews have spoken, and the message is unequivocal: there was no wrongdoing.
“We’ve put in place strengthened governance and safeguards for any future financial decisions of this kind, and we’ve formally responded to the Minister with those reassurances.
“Now it’s time to move forward. This decision allows us to close this chapter and refocus on what matters most - delivering excellent services and securing the best outcomes for our city.”
Plymouth has the highest level of borrowing of any council in Devon, and the interim chief finance officer will be tasked to guide the council through its most challenging financial period in years.
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