Northamptonshire County Council has managed to balance its books for 2017/18 by using reserves to cover the expected overspend.
Earlier this year, the council became the first local authority to issue a Section 114 order in two decades, banning all non-essential spending.
The council has now reported its overspend for 2017-18 has been reduced to £12.7m, which can be met by money held in reserves.
‘Serious action had to be taken very late in the financial year to ensure that the council could deliver a balanced budget,’ said Cllr Michael Clarke, the county council’s cabinet member for finance.
‘The county council is committed to building on the good work which has already started with a robust approach to financial management and rigorous cost control.
‘We will need to replenish our reserves and the challenges of the next few years are very clear, but the county council has shown that it does not shy away from the big decisions, such as the sale and leaseback of One Angel Square in the current financial year.’