Local Elections: Challenges created by city’s £500m debt

This debt level comes with a repayment cost of £33 Million per year. A debt level of this size is very unusual and extraordinarily high for a size of Peterborough authority. It restricts delivery of services to our vulnerable residents and reduces our ability to offer new projects in the city that benefit all residents.

To resolve this situation, we need to reduce borrowing in future years and sell some of our assets to help reduce the debts. This was the reason that the Conservative administration had put all the community centres on the disposal list last year.

Looking to the future, I want to set up processes which restricts politicians piling up debt with little or no value added to the lives of our residents. Capital borrowing will only be allowed in 3 scenarios with specific criteria. These scenarios are Statutory provisions, Invest to Save and Social Value projects.

Statutory: There is very little room for negotiation on this category. Statutory provisions such as the building of new schools mean we need to future plan and cost-in statutory spend to balance what funds we can put into the other scenarios of Invest to Save and Social Value.

Invest to Save: This is primarily money borrowed to invest in services which save significant money in the revenue budget. Vital services such as adult reablement which enables independence, children centres which provide best starts in life and reduce costs at a later date, are examples of areas that can innovate with transformation and benefit from invest to save. I will allow this if there is a clear and substantial case for a longer-term saving or return and improved services.

Social Value: This is my favourite area and is also the area where most of our readers will see the differences. Here the return is not tangible in the short to medium term but has a huge impact on our society in the long term.

We need a financially responsible council that is managing the statutory and invest to save areas well enough that we can support more social value projects. Examples here include the provision of a new Regional Pool (and being able to consider a 50m pool) and providing a new Youth Zone. A Youth Zone would create a new purpose-built facility able to support children in our city aged 8-19 years of age with a facility that serves 7 days a week, 52 weeks a year. These projects have a huge social value, they will uplift societies and help reduce deprivation. This is a focus for my administration, and we can make these visions come to life with responsible financial management.

Its important that we manage the taxpayers money responsibly and never play casino with it. With this in mind, I will put in processes to ensure that taxpayers money is not loaned to private enterprises or individuals on a premise that they will deliver a good return to the city council and in the process pile on more debt. My number one priority will always be to protect the people of Peterborough and ensure we can deliver projects that give social value to our city.

I have described above my priorities for our financial management, and this is vital for every single resident of the city. As a group we are willing to collaborate with other political parties in the interests of the city and bring sensible politics to the Council chamber.

Meanwhile, the Conservative group talk about collaboration, but talk is cheap. The Conservatives only supported collaboration whilst they had the power to be in charge of it. Now the tide has turned, they say in public they won’t work with the opposition groups and constantly attack us. In a time of facing an almost £500 million debt level in the city, a political maturity and responsibility is needed. It’s why in the coming local elections I urge residents to use their vote and use it wisely. Whilst Conservative candidates will be warm and friendly on your doorstep, we must never forget the legacy they have left us to deal with since 1st November.

Don’t let them get the keys back to the Town Hall. You can see rather than any rhetoric, my vision set out above is honest and responsible.

In the few months we have had the privilege of leading the Council administration, we have been able to see the challenges and put forward a clear path where we will work for the city and always put the city’s needs first.

I always believe party politics have no role at local council, so I ask you to please vote for your independent Peterborough First candidates.