West Lindsey District Council has revealed an exciting capital investment plan to spend £61 million over the next five years - including £20 million in Gainsborough.
The news was announced in the council’s budget report, submitted to the council on Thursday, March 3.
The investment will focus on service improvements, commercial opportunities and growth.
This includes £20 million investment to support the regeneration of Gainsborough.
Coun Jeff Summers, Leader of West Lindsey District Council said: “The council has to find ambitious ways it can protect services that residents’ value.
“It means we need to continue to develop commercial opportunities and encourage economic and housing growth to help pay for these services.
“As an entrepreneurial council we recognise that we need to have a clear, robust plan of how we are going to support our communities and this capital investment programme is key.”
Despite the good news, the council recognises there are challenges.
The outcome of the local government financial settlement for 2016/17, the comprehensive spending Review and Rural Service Delivery Grant, means the council needs to make further reductions in its net expenditure, of about £2.2m over the next four years.
As a result, the council is increasing Council Tax for 2016/17 by 2.59 per cent, which is just the second increase in the last six years.
This equates to just less than10p a week for residents on a band D property.
The remaining funding gap is anticipated to be closed by further commercial opportunities and changing the way it works.
Coun Tom Regis, Chairman of the Policy and Resources Committee at the council said: “The outcome of the local government financial settlement for 2016/17 was disappointing and has provided a challenge to the authority.
“However, we believe the plans that have been put in place will ensure that residents continue to be well served and receive quality services.
“We consulted with residents on our plans last year and we were pleased to receive general support for our proposals.
“We have managed to reduce our spending over the last four years by £3.8 million and fixed council tax for three out of four years but further funding cuts means we have to do more.”
How would you like to see the investment spent in Gainsborough?
Write to us at The Gainsborough Standard, Unit 1B, Brittania House, Marshall’s Yard, Gainsborough, Lincs, DN21 2NA.