Final budget for 2023-2024 approved by North Northamptonshire Full Council

23 February 2023

Final budget proposals for North Northamptonshire Council for the next financial year (2023/24) have been approved at the meeting of Full Council on 23 February.

The report before Council presented a balanced revenue budget for 2023/24 as well as outlining the medium-term financial plan for the next two years.

Draft proposals had initially been approved by the Executive in December and these were subject to a detailed consultation process and scrutiny, before being reported back to the Executive on 9 February where they were endorsed.

The net revenue budget for 2023/24 is £336.59 million.

The Council is proposing savings of nearly £15m this year, building on previous savings plans of £27m since the Council was created two years ago. 
 
Through its budget, the Council will: 

• Invest in the region of £57m in protecting and improving local services.
• Continue to improve local schools, town centres, transport and rural neighbourhoods.
• Tackle climate change, continuing the use of a dedicated £1m fund for this purpose.
• Invest in adult social care and in care and support for children and families.
• Help those on low income by maintaining the Local Council Tax Support Scheme at the current level of 25%.
• Continue to support and develop the local economy, housing, education and skills.
• Provide grants to local community and voluntary organisations.

Delivering efficient, effective and affordable public services is a commitment we have made to everybody in North Northamptonshire. We have been making sound progress on this, but I want us to do much more. Our budget for 2023/24 will provide important stability for public services in the local area.Cllr Jason Smithers, Leader of the Council

We have all worked tirelessly to deliver a balanced budget for the year ahead.  We have done so at a time of unprecedented inflationary pressure fuelled by global factors outside of our control. Through a range of measures we are taking including the savings we are planning to make, we are able to both maintain services and continue to invest in them too.Cllr Lloyd Bunday, Executive Member for Finance and Transformation

Council Tax

The Council approved an increase in council tax of 4.99%, which includes the 2% adult social care precept and is the maximum increase permitted by Government.

This increase will contribute about an additional £9m per year and represents a Band D level of Council Tax for North Northamptonshire Council of £1,657.51 for 2023/24.

This Band D figure does not include the Council Tax for individual Town and Parish Councils or the Council Tax set for Fire and Police by the Northamptonshire Police, Fire and Crime Commissioner.

Capital Programme 

Final proposals for capital projects were also approved by the Council, totalling £109.1m over a three-year period. General capital projects make up £65.4m of this amount while the Housing Revenue Account is £43.7m.
 
There is also a Capital development pool - totalling £190.2m - for the progression and prioritisation of key schemes. 

Housing Revenue Account 

This year’s Housing Revenue Account (HRA) sees a balanced budget for the two Neighbourhood Accounts.

There will also be a rent increase of 7% for the next financial year, which accords with the Government’s rent setting policy for 2023/24. Any funding received by the HRA is retained within the HRA and will be used to support housing improvements and maintenance.