One point three million pounds have been saved by Conservative controlled Staffordshire County Council borrowing less over the last financial year as it continues to achieve best value for people and business.
By using cash instead of borrowing, the county council has made savings on the interest it has paid over the last financial year, supporting its aims of it stimulating economic growth, supporting independent living and making Staffordshire safer. In addition, it has made careful investments, meaning interest receipts were £0.62million more than the previous year.
Staffordshire County Council’s Deputy Leader who is responsible for finance, Ian Parry said, “Achieving such significant savings and investment returns in challenging financial times is further demonstration of a well-run and efficient county council. It is commendable that through well-thought out decisions, £1.3million has been saved over the last financial year.
“In addition, careful investments at the beginning of the year resulted in significant returns of almost £1.5million. Any saving and investment return we can make is excellent news for Staffordshire taxpayers and will help us to support our essential services.”