An independent report into the inner workings of Norwich City Council has praised the "positive position" of the authority.
The review by senior figures from other council bodies and the Local Government Association (LGA) took place in January.
It highlights Norwich's fast-growing development and declining average age of almost 34 in the authority's area.
The city is home to around 177,000 jobs and more than 8,000 businesses, contributing more than £3bn per annum to the national economy, the report says.
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Although overwhelmingly positive, the review outlined places where there is room for improvement and made recommendations for further development.
This includes putting residents at the "heart of everything" and the need to identify further growth and invest-to-save opportunities for 2024-25 budget planning.
The Labour-led council is "on a journey of positive change" and in a "relatively strong financial position, with stronger financial metrics than many of its peers", it added.
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The report also says "senior political leadership is widely respected by members and officers and that respect for political leadership extends across all political parties".
The full 32-page report can be read in full on the city council's website.
It arrives after its 2023-24 budget was agreed at City Hall last week, with millions to be invested in homes despite having to find around £6.2m of savings and extra income.
Leader of the council, Alan Waters, said: "I’m delighted the team of influential local government peers has recognised the positive position the council is in.
"The review finds that our financial position is being well managed, despite the significant challenges.
"We welcome and accept the recommendations of the review. We know there is much work to do and the review will provide a positive platform upon which the new political and officer leadership can build."
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