The Council has admitted that increased borrowing means that Council taxpayers are now paying £1m a year more in debt charges than in 2011.
Kings Square work
Most has been used to bolster what the Council describes as its Economic Development Fund.
£18 million has been committed to this fund already which is being used to pay for projects such as:
• Refurbishment of Kings Square
• Acquisition of an “Arts Barge”
• Tour de France start
• Newgate market refurbishment
• New City centre bus stops
Of the annual additional payments around £0.5 million goes on interest charges while £0.5 makes staged repayments of the principal.
It will take over 20 years to fully repay the borrowing