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Council to consider more borrowing to boost Argyll and Bute economy

Argyll and Bute Council's policy and resources committee is to be asked to consider additional borrowing to boost the area's flagging economy and population.

Argyll and Bute Council's policy and resources committee is to be asked to consider additional borrowing to boost the area's flagging economy and population.

 

A key committee at Argyll and Bute Council is to be asked to consider whether to borrow more money to try and boost the area’s economy and population.

A report to be considered by the authority’s policy and resources committee asks whether further investigation should be carried out “into the scope to undertake further borrowing which would create further investment” in the economy, jobs and population.

The report also asks whether the council’s available cash reserves - currently amounting to just under £10.5 million, but expected to rise to just above £13 million by 2016 - should be “directed exclusively on the theme of economy and jobs” and on proposals to increase income or reduce costs to the authority.

Bruce West, the council’s head of strategic finance, says in his report: “The challenge facing Argyll and Bute in terms of economy, jobs and population and its own future finances is significant and £13m whilst a substantial sum of money is unlikely to make a radical difference.

“The council may wish to give consideration as to how these funds available for investment could be supplemented by borrowing.”

Mr West’s report will be considered by the policy and resources committee - whose membership includes Bute councillor Len Scoullar - at a meeting in Lochgilphead on Thursday, August 21.

 

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