Causeway Coast and Glens Borough Council was formed in 2015 with inherited long term borrowing of £72.8m from its four legacy Councils.
All capital projects carried out by Councils are funded through borrowing in the form of loans. Capital projects carried out by Causeway Coast and Glens Borough Council since 2015 include public realm schemes, extended brown bin collections, match funding for projects, tourism initiatives, caravan park improvements, sports facilities, car park upgrades and building maintenance.
Council’s most recent audited accounts, as at 31st March 2019, confirm that Council’s total borrowing is £71.1m. Council is required to have arrangements in place which ensure that its spend on capital projects is affordable and sustainable.
The audited accounts show that Council has complied with these requirements. Council continues to monitor its level of borrowing to keep within the required level as set out in Local Government Finance Act (NI) 2011.
At its meeting on 4th February 2020, Council agreed to ‘appoint CIPFA (The Chartered Institute of Public Finance and Accountancy) to give immediate and urgent assistance with the current rate setting process and to defer any decision ahead of the legal timeframe of 15th February to allow CIPFA to make recommendations and report to Members and to work with Council to prepare medium term financial plan and financial resilience review’.
This is to assist Council to reach a final rate strike position.
Further information on borrowing levels for Councils in Northern Ireland is available in the Local Government Auditor’s Report 2019 at www.niauditoffice.gov.uk.
Causeway Coast and Glens Borough Council will meet again on Wednesday 12th February 2020 to further consider its rates position for the year ahead.