TAXPAYERS’ money should now be steered away from loan repayments and directed into funding new projects in and around Burton, under plans announced by Staffordshire County Council.
The authority has pledged that it will reduce the amount of money it is borrowing and try to cut its interest payments by using its own reserves and cash flow to pay for its forthcoming spending projects.
This strategy, which was approved by cabinet yesterday, is intended to free up money to spend on investments and improvements in the county instead of cash being swallowed up by interest repayments.
Ian Parry, cabinet member for education, finance and transformation, said: “We continue to maintain a sensible approach to managing Staffordshire taxpayers’ money in these difficult times. We are investing carefully and saving money by using cash instead of borrowing to make sure we get the best possible value for money for our residents.
“We maintained careful investments throughout the last financial year and are committed to building on this achievement despite a difficult financial situation nationally.”
Cabinet members also agreed the council would retain the flexibility to take out loans if necessary.