Council’s strong financial position highlightedPublished Tuesday 2 July 2019
Major investment in key projects to boost the economy, as well as investment in the services which residents value are just some of the positive outcomes highlighted in a new report.
A Financial Outturn report to Council’s Cabinet on 1 July 2019, detailing the Council’s finances over the past financial year, highlights that, despite continued reductions in Central Government funding over many years, the Council has been able to balance its budget and invest in communities.
Over £7million has been invested into Capital Investment, across the district, including £1.7million of investment direct to communities through Section 106 agreements linked to planning permissions. Work is also progressing to the Council’s Grow on Space at Compass Point, opposite Harborough Leisure Centre, to allow small businesses to grow and building on the current success of Harborough Innovation Centre.
Cllr James Hallam, Harborough District Council’s finance lead, said: “There has been significant investment in assets across the district and in individual communities – as well as the approval, in February, of a £57million programme of capital investment over the next three years to help us realise some of our ambitions for the district.”
Income generation and commercial opportunities have minimised the impact of reductions in Central Government funding and enabled investments in economic development, support for the vulnerable, recreation areas and much more. The Council successfully managed cost pressures during the year resulting in an overall 2% surplus on the budget in 2018/19. This builds on the successes of previous years which have allowed the Council to keep council tax low over the past decade.
Cllr Hallam added: “The Council has an enviable track record in delivering balanced budgets each year, investing in priorities and keeping council tax low. We’ve generated alternative sources of income that will provide financial resilience and sustainability whilst securing services we know residents value.”
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