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Peterborough Council is in debt to the tune of ……..?

by Cllr Darren Fower on 21 April, 2017

What’s this to do with?

As detailed in the Council’s budget consultation document earlier in the year, their total net budget for 2016/17 was £163.4 million.

Now in recent times, I’ve noticed whilst discussing budgets etc that senior Tories have avoided mentioning the very basic point of “what we actually owe” – So I thought I’d better ask! 

I put the following point direct to the  leader, Councillor Holdich (who also enjoys the titles of Cabinet Member for Education, Skills and University, and Communications) ….. please tell me “..how much money this authority presently owes…?

What does Darren know?

As a result of me pushing for the information, I discovered the Council currently has a debt of £395,400,000 and repayment of individual loans ranges from 2 months to 49 years.

The total interest payment over the life of the outstanding debt is presently £405,000,000……. approaching half a billion!

Nearly £10,000,000 in interest alone! Your might also like to know ……

  • This works out roughly to a £5,000 debt per household in the city.

I also asked about what the figure was we needed to be mindful of as I understand there is one, which if breached would see the Treasury step in, and take control of our authority.

A bit like me asking you what your overdraft limit is before you have to start paying charges etc? – Something you would no doubt know?

Responding, Cllr Holdich said, “..we cannot go over a certain limit of borrowing, otherwise we will be in trouble and I do not know what that limit is….”

He said he would let me know in writing……….. but I am still waiting!

Put it into perspective ….

If you get paid £16,000 a year, then its like you owing £38,400 …… and your plan to pay for next weeks shopping by borrowing more money against say your mortgaged property…. and letting your children pay off the debt!?

PS…

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   1 Comment

One Response

  1. How do they justify pay increases? Mis management more like it.
    How about asking Old Hitch to accept a pay reduction fr giving false information? Better still, report him to Chillcott – he had to deal with cases of false & twisted information.

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