The rise in Public Works Loan Board borrowing rates will increase revenue costs on Sunderland City Council’s capital programme by £2m a year, according to a report to councillors.
The council’s cabinet this week heard that the council is considering a variety of alternative funding options, including using investment balances and borrowing from other financial institutions.
However, the report warned: “The degree to which alternative options are more cost effective than PWLB rates is still evolving and all options available to support the council’s capital programme will be assessed in conjunction with our treasury advisors.”
