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CIPFA CODE GIVES LANARKS£100M

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North Lanarkshire Council is planning to extend its schools private finance initiative by increasing capital spendi...
North Lanarkshire Council is planning to extend its schools private finance initiative by increasing capital spending by £100m over the next two years.

The extra cash comes as a direct result of the prudential code being introduced by the Chartered Institute of Public Finance & Accountancy next month.

The code provides greater freedom to councils, enabling them to borrow as much as they like subject to an affordability test.

The council assessed its revenue before deciding to spend £98m on a capital programme over the next two years.

The council has already gained approval from the Scottish Executive for a schools PFI project worth £150m.
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