The Capital Finance Requirement at 31st March 2014 will stand at £603M and it has gone up the over the four years of the Conservative Elected Mayor by a staggering £191M and the finance officers of North Tyneside have confirmed that it can be classed as DEBT.

PRESS RELEASE FROM NORTH TYNESIDE LABOUR GROUP

SUBJECT: Full Council Budget Meeting

Council ‘staggering’ under weight of debt

Council debt rises by a whopping £191m under Tory Mayor

Today’s (21st Feb) meeting of Full Council at North Tyneside will discuss the Mayor’s budget proposals against the backdrop of a staggering rise in the council debt by £191m since 2010.

The Mayor will reveal her budget which cuts services to the most vulnerable by more than £2.4m and will include inflation busting increases in charges for services such as burials and cremations, meals on wheels, school meals, access to leisure centres, closure of libraries, rents for allotments and council owned site’s.

Labour Deputy Group Leader Norma Redfearn said

‘Once again it will be the most vulnerable who will pay the price for the failure of Tory Mayor Linda Arkley. Since she was elected in 2009, she’s increased council debt by £191m (figure confirmed in Council Press release dated: 7 Feb 2013). That means she’s been spending at a rate of over £1m per week even though she promised that she would cut the council debt. This budget is a damning indictment on her record as Mayor and her failure to keep her promises.

Notes to Editors:

Notes to Editors: For detail please see attached questions for Full Council which contain detailed costing’s and impact.

The Capital Finance Requirement at 31^st March 2014 will stand at £603M and it has gone up the over the four years of the Conservative Elected Mayor by a staggering £191M and the finance officers of North Tyneside have confirmed that it can be classed as DEBT.