A long-awaited report surrounding the financial collapse of Croydon Council in 2020 has been leaked online.

Mayor Jason Perry said he is still “committed” to officially publishing the Penn Report after extracts were shown on local website Inside Croydon and the Municipal Journal.

The report, which was completed 18 months ago, but until this week remained unpublished, is written by Local Government Association’s Richard Penn who carried out an investigation into the financial mismanagement of the council before it was forced to issue a Section 114 notice, declaring effective bankruptcy in 2020.

After the report, four senior members of staff were suspended and former leader Tony Newman, and former cabinet member for finance, Simon Hall resigned.

At the time they both claimed they were being scapegoated in the report calling it “inaccurate” and “baseless” respectively.

An excerpt published by the Municipal Journal said: “Major risks within the council’s revenue budgets and in its investment portfolio appear to have been downplayed in the face of what seemed to have been unbridled optimism and seemingly an almost reckless disregard of the potential adverse consequences of these risks.

“By narrowing its focus and attention to a small number of commercial, regeneration and other goals the council appears to have effectively blinkered itself to its wider responsibilities.”

Despite the leaking of the report, Mayor Perry maintains there is still a legal process that must be followed before the council can officially release it.

He said: “There seems to have been a leak of the Penn report. I am still committed to publishing it but we must go through due legal process.

“I am mindful that we protect the council tax payers pocket. The commitment has always been there and remains.”

While cabinet member for finance Councillor Jason Cummings added: “We will publish the report as soon as is practical to do that.”

The Local Democracy Service has contacted Mr Newman and Mr Hall for comment.