Rushcliffe posts favourable financial position in first three months of 2023/24
Last updated: 18/9/2023
Rushcliffe Borough Council has posted a favourable financial position in its monitoring in the first three months of its 2023/24 term.
Despite the current financial climate, particularly with inflationary increases and the impact on residents’ cost of living, its quarter one position recently reported an in year projected underspend for both revenue and capital accounts with zero borrowing and retaining reserves to meet financial challenges and opportunities.
Rushcliffe Borough Council’s Cabinet Portfolio Holder for Finance Cllr Davinder Virdi said: “The Borough still faces economic challenges but I am pleased to say unlike some councils we retain solvency and manage the budget well.
“We’re very much aware of the current financial plight some Councils are facing with Section 114 notices or what is termed effective bankruptcy and we are keen to reassure residents Rushcliffe remains opens for business and still has an active capital programme to grow and develop the borough.
“As shown in the recent quarter’s figures discussed at both Cabinet and our recent Corporate Overview Group meeting, we are managing budgets effectively, continuing to be self-sufficient and continue to have Council Tax that is in the lowest 25% in the country and the lowest district Council Tax in Nottinghamshire.
“In growing the Borough we are mindful of residents needs and environmental challenges. In our capital programme we are investing in our leisure centres with over £1m of improvements set to feature at Keyworth Leisure Centre in the coming years and £1.5m at Cotgrave Leisure Centre to enable our leisure centres to remain both financially and environmentally sustainable.
“We also recently re-opened Adbolton Lane play area in Lady Bay following an £80,000 refurbishment and are assessing other improvements at our parks.
“This has taken years of careful management to maintain this position and we will endeavour to do all we can to keep managing our resources effectively for the benefit of our residents, so Rushcliffe truly is a great place for sport, to live and to work.”