The York Councils debt is set to increase to over £300 million by 2018.

That’s the equivalent of £2,530 for every taxpayer in the City.

The amount owed by the Council, net of investments, currently stands at £204 million.

Even that figure is double the debt inherited from the previous LibDem administration in May 2011.

Ironically, when in opposition, Labour said that the Council had too much debt.

Their actions in tripling the burden will take some explaining at the next Council elections in 2015.

The Authority is vulnerable to increases in interest rates although much of the borrowing is long term.

This year the extra expenditure means that £27 is added to this years Council Tax bill in repayment costs with a further £14 expected next year.

The figures are due to be discussed at a Council “Cabinet” meeting later today.