Council to discuss football club loan to assist in its move to Moreton Hall in Bury St Edmunds

0
Have your say

St Edmundsbury Borough Council is due to discuss making a loan to Bury Town Football Club next month to assist its move to Moreton Hall.

It comes as the council seeks to adopt a loans policy – while at the same time admitting it does not really want an influx of businesses or organisations approaching it for money from its ‘dwindling’ capital reserves.

On Wednesday, the council’s overview and scrutiny committee discussed the policy, which will see loans under £25,000 go before its cabinet while those above, including the forthcoming football club project in Bury St Edmunds, will be voted on by full council.

Committee chairman Cllr David Nettleton said he felt it was wrong for the council to be loaning money while cutting budgets for services.

“All the budgets are tight but we seem to find the money to make loans. I think sometimes the balance is wrong,” he said.

But council leader Cllr John Griffiths said often the loans were made instead of grants, which meant the council got a return, and were for projects that brought an economic benefit to the area.