Northants to exhaust reserves
0Northamptonshire County Council will exhaust its general and earmarked reserves in order to achieve a balanced budget this financial year.
The county council, which issued a section 114 notice in February, said it faces a forecast overspend of £16.7m for the end of the financial year without the use of its reserves. Northants currently has £12m in its general reserves and £4.9m in its earmarked reserves, money which is set aside for capital projects.
Acting council leader Cllr Matthew Golby said: “This would effectively exhaust our reserves and as such really is a last resort option. It is now the only option available to us. We have communicated directly to government about this as part of our ongoing discussions about our situation.”
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