Councils technically cannot go bankrupt like a company or individual, but the authority’s chief financial officer can issue a section 114 notice, which stops all but essential spending.
The council is hoping to avoid that by taking urgent steps to take control of its expenditure.
Heather Kidd, the leader of the authority, said: “As a council, we must all move quickly to challenge every pound and stop all non-essential spend.
“If we do this, I’m confident that we can balance our budget by the end of this financial year.”
In April, the local authority revealed that 74% of its entire budget was spent on social care, driven by a rise in the number of children in care and a much older population than England as a whole.
The councillor…