Borrowing is to invest only in capital projects

I write to reassure residents about the Royal Borough’s finances.

The article published in the Maidenhead Advertiser and Windsor and Slough Express headlined ‘The council expects £75M more debt’ requires some clarification that I am happy to provide.

On the big headline figure, RBWM only seeks external funding, that is borrowing, when we wish to invest in capital projects.

For example, proposals I recently presented to Cabinet, which seek to provide 63 much-needed, council-owned homes for rent in Windsor.

These will deliver an annual return to the council, will support some of the 1,000 residents on our housing register, deliver a financial return and over 30 years would repay the £20million loan.

Readers should also be aware that capital spending to support such investments is separate from the revenue budget, which is used to pay for residents’ services such as adult and children’s social care, libraries, parks and gardens and waste management.

Despite COVID and difficult economic circumstances in each of the past three years, the Royal Borough has underspent the budget and added this to reserves which underlines our sound financial control.

Once again, business owners and households alike will recognise the hard work that goes into delivering this result for the taxpayer.

Looking at our present and future challenges, we are aware that residents are struggling to afford heating bills and rising food costs.

RBWM Conservatives are proud that our local council tax charges are the fourth lowest in the country, which equates to hundreds of pounds less than neighbouring local authorities.

We anticipate that this lower taxation will be of help to residents at present.

Cllr DAVID HILTON Lead member for commercialisation, asset management, finance and Ascot