Northamptonshire County Council has accepted the findings of the Best Value Inspection report and it will now be looking to respond to the Secretary of State within the coming days.
The council has welcomed the recommendation within the report to move to unitary governance in the county and is now committed to working alongside partners to achieve this in the timescale outlined.
Leader of the council Cllr Heather Smith has announced she will be resigning as council leader. The process to find a new leader will now take place.
Cllr Matthew Golby said: “While I am pleased the report recognises the hard work and dedication of the staff and recognises recent progress in financial management it is clear that the inspector has found what he believes to be significant failings at the council.
“We accept the findings and we will now be acting accordingly and responding directly to the secretary of state.
“While the report accepts the figures we use in arguing our case for fairer funding, it states we are in no worse position than other councils. We would argue that the sector as a whole does face significant financial challenges and we will continue to work with our local government partners to present our case.
“While we will make these points in our response, we should in no way hide away from the general thrust of this report.
“We will now be reviewing the report in far further detail and respond directly to the Secretary of State.”