Thursday, 26 July 2018

Brent Council to approve 'biggest financial transaction for a generation'

The Brent Audit and Standards Committee LINK will tonight consider a paper going to Cabinet in September LINK which would give the go ahead for the Council to borrow c£230,000,000 to fully meet its commitments on its already approved£800m capital investment programme.

The paper sets out detailed  borrowing options that balance risk and cost of borrowing. The amount required in 2019-20 is £62.4m and 2020/21 £166.6m.

As indicated in the diagram above the Council can only meet day to day costs from its Revenue account so the investment programme is aimed at 'invest to save' by for example buying housing and using revenue from rents to meet day to day costs of providing services.

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