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14
Oct 2024
North Yorkshire combined authority seeks more borrowing powers
Officials at York and North Yorkshire Combined Authority are seeking more powers to borrow money.
In a report due before North Yorkshire Council’s executive tomorrow, senior councillors will be asked to approve measures to allow the combined authority to borrow for areas it sees as priority for investment. You can read the report here.
Currently, the organisation only has borrowing powers for transport and police, fire and crime functions.
However, under the new measures, the combined authority would be able to borrow for other areas which would be negotiated with government.
Barry Khan, assistant chief executive for legal and democratic services at North Yorkshire Council, said in a report:
Securing borrowing powers for the other functions will allow the mayoral combined authority to borrow in promoting its functions, policies and priorities.
Consent for the combined authority to extend its borrowing powers must be given by both North Yorkshire Council and City of York Council.
York council approved the matter at a meeting on October 10.
The Secretary of State would then need to approve the proposal by laying a statutory instrument before parliament.
According to the report, the maximum amount of the organisation can borrow will be subject to a cap which will be agreed with government.
Mr Khan added in his report:
The responsibility for the repayment of any borrowing will rest directly with the mayoral combined authority.
Senior councillors on North Yorkshire Council’s executive will make a decision on the proposal at a meeting tomorrow (October 15).
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