Govt Allows Northants County Council To Use £70m Capital Receipts
|Author: Liam Beasley||Published: 30th November 2018 10:07|
Statement from Northamptonshire County Council following the announcement that the authority can use £70m of capital receipts to help balance its books
Cllr Matt Golby, Leader of Northamptonshire County Council, said: “I am delighted the commissioners have been successful in their request for a capital dispensation.
“This will enable us to use our own resources to tackle the £35m deficit from 2017/18 and replenish our reserves to put us on a sustainable financial position.
“We’re pleased that the government has recognised the robust steps taken by the authority to stabilise the council’s position, and the approval of the capitalisation grant is a significant step in the council’s recovery journey.
“Working closely with the Commissioners we are now making progress towards greater financial stability.
“This month Cabinet approved a new Transformation Strategy, while our latest financial reports show how we are now moving firmly towards stabilising our budget.
“Next week we will be publishing our next draft budget proposals which will build on this work.”
Statement from Northamptonshire Commissioners following the announcement that Northamptonshire County Council can use £70m of capital receipts to help balance its books
“The Commissioners welcome this decision.
“It will enable Northamptonshire to pay off the deficit carried over from last year, and to restore a sensible level of reserves, all from within the Council’s own financial resources.
“It is also notable that the conditions attached to the dispensation do not allow for the funds to be used to subsidise next year’s budget. This will require the Council to apply proper rigour and discipline to budget-setting which will set its services on a sustainable path for the future.”