Fresh Confidence In Ability to Balance In-Year Budget
|Author: Liam Beasley||Published: 7th February 2019 10:18|
New figures published today show that Northamptonshire County Council is on track to deliver a balanced budget this year with a £28.8m improvement in its overall financial position over the past six months.
The latest finance monitoring report to be discussed by cabinet next week shows that the current forecast year-end position is an overspend of £1.4m –signalling a huge improvement from the £30.1m overspend forecast last July and a further improvement on the £11m position reported last month.
Leader of Northamptonshire County Council, Cllr Matt Golby said: “This is a remarkable achievement. Let’s not forget that our financial challenge stood at £64.2m earlier this year so to be reporting such a positive situation for period nine is a considerable accomplishment.
“To be only £1.4m away from a balanced budget, with a strong confidence that we will be able to save the remaining sum is a true testament to the work of everyone involved in turning this council around.
“We have seen a significant improvement on our position last month with a move in the right direction of the revenue budget of £9.8m.
“In July when we issued the second Section 114 notice we were forecasting a £30.1m overspend. Since then we have worked tirelessly with our new management team and the Commissioners and we have made solid progress to close this gap.
“While we are very much on the right path we are still short and need to keep pushing forward to reduce this gap and end the financial year in a balanced position.”