Cumulative deficit
The City of London is addressing a projected cumulative deficit for its City Fund from 2027-28, as transitional funding ends.
The City of London's City Fund is projected to face a cumulative deficit, a total financial shortfall accumulated over time, from the 2027-28 financial year onwards, following the cessation of transitional funding. This projection, highlighted in Grant Thornton UK LLP's audit reports, was reviewed by the City of London's Audit and Risk Management Committee in September 2026.
The projected shortfall necessitates the identification of alternative solutions to address a medium-term financial gap and protect reserves, according to a report to the City of London's Audit and Risk Management Committee. No upcoming meetings are currently scheduled to discuss this topic.
Key facts
- The City Fund is projected to face a cumulative deficit from the 2027-28 financial year. Source
- This projection is due to transitional funding arrangements ceasing. Source
- The City of London's Audit and Risk Management Committee reviewed this in September 2026. Source
- Grant Thornton UK LLP's audit reports highlighted the projected deficit. Source
About this summary
This summary was written automatically from our published stories and the council meeting records they draw on. It describes what councils have discussed and decided; it does not take a view on any decision. Each key fact links to the story it comes from. Updated 19 October 2026. Spotted a mistake? Email community@opencouncil.network.