Tenterden Town Council on Monday, 12 April announced measures to protect the town’s finances.
In common with all local authorities, the Town Council is facing the prospect that funds set aside on deposit for existing and future projects could even lose money if negative interest rates are introduced by banks.
Town Clerk Phil Burgess told the meeting that a combination of low interest rates and annual inflation might even mean the council loses £70,000 p.a. on the £3.5 million set aside for the town’s major projects.
The council voted to authorise a financial review to be carried out at a time when the situation is more stable.