Essex County Council set to increase external borrowing
Politics / Tue 14th Aug 2018 am31 07:48am
ESSEX County Council is predicting to increase external borrowing by more than £250 million in three years to £760 million.
The increase has been directly linked to the council’s capital financing requirement – -the council’s underlying need to borrow for capital projects – which is expected to rise from £845 million to £1.1 billion by March 31.
Christine Golding, the council’s chief accountant, said the council was legally obliged to prove it can afford it.
She said: “That requires us to put together an annual capital strategy which explains the level of borrowing, how we intend to fund that but primarily the level of borrowing we undertake is prudent, affordable, and sustainable.”
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