Policy No 1: Tackling the KCC Billion Pound Debt.

I Bryan Rylands (pictured centre) have been given the opportunity by the Shepwayvox Team to use their blog as a forum to promote my policies as an Independent Candidate standing in the Folkestone-West-Division in the forthcoming elections on May 4th. The opinions expressed herein are my own and nothing whatsoever to do with the Shepwayvox Team.

My first policy is to tackle the sizeable near £1 billion long term borrowing (debt) that KCC currently hold. The graph below is reproduced from an FOI response from KCC in March 2017. However, figures supplied to DCLG by KCC, show KCC  hold only £929 million worth of debt. This is a difference of £56 million between the two figures KCC have produced. Both dates are the 31/12/16 when the figures were produced by KCC.

In 2015/16 Kent CC’s Council Tax revenue was £560,377,000

The proportion of this that went on servicing the council’s debt was 13.2% – i.e. £74,000,000 million pounds annually, so since 2013 KCC have spent approxiametly £296 million pounds on servicing their debt. This is equivalent to over 90% of the Children Services budget (£316 million in 16/17)

Kent CC’s total longer term debt at 31^st December 2016 was £985,000,000. Therefore, the effective interest rate on that debt was £74 Million divided by £984,762,729 million = 7.51% (numbers subject to rounding).  This is a high interest rate in times when interest rates are at a historical low.

The debt is made up of £160 million pounds in LOBO loans which has been borrowed from banks such as Barclays, RBS, Dexia and Depfa. To borrow from banks is far more expensive than borrowing from the Public Works Loan Board which is generally half the price of borrowing from a bank.

If, elected I will tackle the debt, by ensuring KCC borrow only what is necessary and from the cheapest possible source. I will also investigate why and how KCC came to borrow LOBO Loans and inform you the voters of what I discover. I will try to ascertain why their is a difference of £56 million. In a time where cuts are being handed down from a Conservative led Central Government to Conservative led Kent County Council, I will endeavour, if elected to lobby the KCC chamber to reduce the debt in the quickest possible time and in the most sensible and prudent fashion, without harming essential and frontline services.

Most people want to be Independent, I am, are you?

Promoted by Bryan Rylands Indepenedent Candidate Flat D Avenay Court Folkestone CT20 2LN

(Again I stress any opinions expressed in this post are mine and are nothing whatsoever to do with the Shepwayvox Team)