The Department of Communities and Local Government (DCLG) provides quarterly information about Local Authority borrowing on the gov.uk website as “Borrowing and Investment live tables”.
The DCLG Tables make it very clear that Tory led KCC are No 1in borrowing long-term from UK Banks.
So how much is Tory led KCC borrowing?
Borrowing from banks (UK): £421,800,000 (Four hundred and twenty one million eight hundred thousand pounds
Total longer term borrowing: £1,011,273,000 (One billion, eleven million two hundred and seventy three thousand)
Bank loans as % of longer term borrowing: 41.71%
Total expenditure 2014-15: £1,906,623,000 (On billion nine hundred and six million six hundred and twenty three thousand
Bank loans as % of spending: 22.12.
So KCC has funded from back loans to run front line services for 2014/15 the sum of £421,745,00, (four hundred and twenty one million seven hundred and forty five thousand)
(Source: Department for Communities and Local Government, Borrowing and Investment Live Table Q2 2014-15. )
How sustainable is this model chosen by Tory led KCC? We at Shepwayvox do not believe it is a sensible or prudent model to be using.
What is the amount that needs to be spent on servicing the debt payments?
Could this amount keep Pent Valley open?
All we do know is that The Leader of KCC Cllr Phililp Carter CBE
boast that he has taken what he calls ” Bold Steps.” and goes onto say “Families and Businesses depend on our services – if they want to keep them – they need to vote for them”
Conservative Kent has delivered
• Freedom Passes for 27,000 young people
• Education for 250,000 children every day
• 300,000 free bus passes
• Funding for apprenticeships
… and a whole lot more
We would ask Mr Carter how much of this has been accomplished by borrowing from the Banks, when he could have done it cheaper by using the Public Work Loan Board?
Who advised KCC to run to the banks for funding the list of question is endless, but if you want to ask your County Cllr any questions you can contact them here