The Isle of Wight Council is looking at ways of funding services in the future.
A ‘DEBT repayment holiday’ could help the Isle of Wight Council free-up £40 million over five years and provide a fiscal lifeline at least until the government announces the results of its fair funding review.
The future of the authority remains in jeopardy, however, should the government then decide against awarding the Island any extra funding.
According to a budget report due to go before the council executive tonight (Thursday), the council will stop paying into its loan repayment funding pot for five years, saving between £7 million and £8 million a year.
The cash will instead be used to re…
Read the full article at: http://www.iwcp.co.uk/news/news/debt-plan-could-help-isle-of-wight-council-freeup-millions-of-pounds-96460.aspx
