£25 million of investments are proposed to help the county council cut costs, generate income and meet its £100 million savings.
Leicestershire County Council’s ruling cabinet will consider a package of measures, ranging from highways schemes to property investments.
We’ve saved £135 million over the last six years and have to save a further £100 million over the next five years. To help us to achieve this, we’re proposing a series of investments, using an underspend and some earmarked funds.”
Person:Deputy leader, Councillor Byron Rhodes
The council is on track to underspend by £15.6 million this year, due to the early achievement of savings. It is proposed that the money will be used for a range of schemes that will help to cut costs in the future, including: vehicle replacement (£1 million); highways maintenance (£5 million); asset investments (£5 million); invest to save schemes (£3.6 million); and energy schemes (£1 million).
The council is also proposing to invest £10 million from earmarked funds into property investment funds, that offer a higher return on our investment than alternatives, because interest rates are so low.
Cabinet will consider the report when it meets at 2pm on 11 October. The meeting will be webcast, live, at leicestershire.gov.uk/webcast and a recording available to view afterwards.
The report is available at democracy.leics.gov.uk