We are pledging more investment to stimulate the local economy, provide better value-for-money services and are planning for a fourth consecutive Council tax freeze.
Good housekeeping and better ways of working helped the County Council shave £34million off its projected spending last year (2011-12).
At the same time, the Council improved service delivery in many areas and froze Council Tax for a third year on the trot.
Savings, made over the course of the year, are highlighted in the County Council's management accounts for 2011/12, which are due to be discussed at the Finance and Property Committee on 18 June 2012.
Reinvestment projects and schemes
The additional money will now be reinvested in a number of major capital projects and 'spend to save' schemes which will lead to more year-on-year savings.
A proportion of the additional money will be put towards the County Council's £20million investment in the dualling of the A453, which the Council will no longer have to borrow.
Amongst further schemes under consideration for the money are an additional:
- £5million to support the schools capital programme
- £600,000 to refurbish six residential care homes for older people
- £450,000 towards bringing high speed broadband to homes and businesses
- £250,000 towards library refurbishments and new books
- £350,000 towards a Carbon reduction scheme in schools to cut emissions and energy costs
- Cash will also be used to contribute to the delivery of the Council's planned ongoing savings, including an estimated £19.5million staff restructuring cost, which will no longer have to be met from Council reserves.
The £34million one-off saving in the 2011/12 budget is in addition to the £71million of planned savings already delivered.
The Council is forecasting it will still need to make further, permanent savings of around £100million over the next four years, which it is on track to achieve through plans being developed in its Medium Term Financial Strategy.
Councillor Reg Adair, Chairman of Finance and Property Committee at Nottinghamshire County Council said, "The days when you used to see frantic, unplanned activity by the County Council every March to ensure every last penny of the budget was spent are long gone - and rightly so.
"Our approach now is based entirely on delivering excellent services, hand-in-hand with value for money for the taxpayer. Managers are urged to watch every penny of expenditure, waste has been drastically reduced and smarter, more efficient ways of working have been introduced throughout the Council.
"The fact that we have been able to save £34million at the same time as delivering service improvements and a third successive Council Tax freeze is a remarkable achievement and puts in a position to be able to deliver a further Council Tax freeze next year. "We know that further, tough challenges still lie ahead but the work we are doing now will ensure that the authority is in the best possible shape to deliver our £100million savings target over the next four years."