Quote:
Originally Posted by Neil
I am sure there are lots of things they could do with £750k. Will it be used to pay off any debts or for projects/services/expenses?
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Hyndburn Borough Council currently has around £12m in debts, which includes £9m of long-term debts that are unlikely to be paid off in the next 40 years.
Personally speaking, I would be looking to reduce the amount of short-term debt we have by transferring to variable rate loans. Current predictions are estimating that interest rates will not hit 3% again before 2013 and we are paying over 4% interest at the moment on loans.
We have an excellent gentleman in charge of finances at HBC but the amount currently sitting in reserves is amazingly small and I would be looking to boost that with any underspend.