Vale accountants cut the cost of City Deal
30 June 2017
The Vale of Glamorgan Council is due to set aside a sum of money in its budget to offset the future cost of the City Deal to the local authority.
£1.25m will be allocated into a new City Deal reserve fund for the local authority which will be used to meet part of the Council’s required contribution to the Deal.
This will delay any additional borrowing required by the Council.
Cllr Jonathan Bird, Cabinet Member for Regeneration and Planning, said: “This is a very prudent move which will reduce the long term cost to the Vale of Glamorgan of participating in the City Deal, but without limiting any of the benefits that we are determined will make a very real difference to residents and businesses in the Vale of Glamorgan.
“We have resisted the temptations of short-term thinking when setting aside money in the budget and prioritised getting value for the residents of the Vale of Glamorgan, whilst at the same time delivering on our strategic economic development objectives in the most business-like manner.”
The Cardiff Capital Region City Deal comprises an investment programme of £1.229 billion spread across ten local authority areas, including £734m for the creation of a South East Wales Metro transport scheme.
The estimated cost to the Vale of Glamorgan, including any borrowing and repayment was £17.9 million.