18.09.18
Oxfordshire County Council approves plans to borrow £120m for infrastructure works
Oxfordshire County Council’s Cabinet has agreed to borrow up to £120m to invest into infrastructure in a bid to boost the quality of major and minor roads in the county.
A report discussed by councillors today acknowledged that under-investment had resulted in “significant reduction” in the quality of roads, as well as pavements, with an increase in car damage and personal injury claims.
It is hoped that Oxfordshire’s expected growth in homes and council tax income gives scope to borrow to invest that will save money in the long term.
The decision today means that around £80m could be spent on highway improvements, with the remaining £40m being used to invest into other council-owned assets such as schools.
Detailed business cases will be produced for each proposed project, funded from the investment pot. The county council has already taken action in response to road conditions having agreed in July to spend £10m extra this year on the roads.
Cllr Yvonne Constance, the council’s Cabinet member for environment, said: “Oxfordshire’s expected growth in homes and council tax income gives us the scope to borrow money to invest that will, over the long term, save us money.
“We all know that our roads, pavements and bridges need extra investment and this plan seeks to unlock the funding to allow that to happen. This plan gives us a logical and sustainable way out of the current situation - the benefits of which we hope people will begin to see on our roads sooner rather than later.”
Cllr Constance noted that the growth dividend would “mean serious money for serious work,” adding that Oxfordshire’s difficult financial situation has led to cuts in funding for improvements to infrastructure such as potholes in roads.
Earlier this month, Oxfordshire CC announced a £33m savings drive that could lead to a massive 900 job cuts.
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Image credit: Oxfordshire County Council