County Council to Cut Borrowing and save Taxpayers’ Money

money UKStaffordshire County Council has pledged to reduce borrowing and cut interest payments by funding new projects with its own cash.

To make sure that less taxpayers’ money is spent servicing loans; the County Council will use its reserves and cash flows to fund spending wherever possible.  In 2011/12, Staffordshire County Council was able to save £2million by using cash in this way.

A report setting out how the County Councils investment and borrowing plans for the year ahead will be presented to Cabinet next week.

The Treasury Management, Annual Investment and Minimum Revenue Provision Strategies 2013/14 proposes that, where possible, the Council will use its own cash instead of borrowing money, whilst retaining the flexibility to take out loans if necessary.

Ian Parry, Cabinet Member for Education, Finance and Transformation on the County Council, said, “We continue to maintain a sensible approach to managing Staffordshire taxpayers’ money in these difficult times.  We are investing carefully and saving money by using cash instead of borrowing to make sure we get the best possible value for money for our residents.

“We maintained careful investments throughout the last financial year and are committed to building on this achievement despite a difficult financial situation nationally.

“At Staffordshire we pride ourselves for our efficient financial management, which means the money we have saved can be used to improve services for local people.”

Ian Parry will present the report to Cabinet for approval on Wednesday 16 January 2012.

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