Home   News   Article

South Kesteven District Council to borrow £10 million




South Kesteven District Council is to borrow £10 million to help fund its housing and economic ambitions.

The borrowing for 2019/20 is revealed in proposals for the district council’s annual budget, which come before councillors on Thursday.

South Kesteven District Council (6321828)
South Kesteven District Council (6321828)

Members of the Budget - Joint Overview and Scrutiny Committee are also recommended to approve a maximum £5 increase (3.25 per cent) in council tax without triggering a referendum under government legislation.

Parking charges and penalties, market rents, building control charges, green waste charges, fixed penalty charges would be frozen.

But inflation-based rises are proposed for charges covering the use of arts centres, planning and pre-planning charges set locally, outdoor recreation, and cemeteries.

The move comes as SKDC faces a nine per cent cut in central government grants from £6.425m in 2018/19 to £5.862m in 2019/20.

SKDC would have a net spend of £13.78m in 2019/20 compared with £15.376m in 2018/19 and £13.173m in 2020/21. Council tax income would rise from £7.146m in 2018/19 to £7.815m in 2020/21.

InvestSK, its regeneration company, would to receive around £1.36m a year.

Some £500,000 a year would go into ‘base housing budgets’ from 2019/20, and an assistant chief executive for housing recruited. The ‘Capital Programme’ spend would be £12.67m in 2019/20 and £14.214m in 2020/21. Borrowing of £10m in 2019/20 is proposed to help fund this.

A housing budget of £16.489m is proposed for 2019/20, with £15.113m indicated for 2020/21 and £13.796m in 2021/22. This would be for repairing existing houses as well as funding new.

The budget report added: “To accelerate the ambitions of the Housing Revenue Account and a stepped increase in the new build programme, it is proposed to include in the programme a significant allocation of £15m capital expenditure over the (three year) period of the programme for the HRA to procure strategic sites across the district where there is an identified need for housing development.”



This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies - Learn More