Funding
How will we finance the project?
Our primary source of funding will be through borrowing, via a Public Works Loan. This is a mechanism that allows public authorities to borrow from HM Government in a safe and cost effective way. The council has looked at other funding sources including grants and believes that this is the only viable option to raise the funding needed for the project.
Borrowing funds allows us to spread the cost of this project over a longer period of time and means that a single generation isn’t responsible for paying for an asset which will benefit many generations to come.
Repayments for the loan will be made through the precept. The estimated increase to a Band D property within the parish is in the region of £16.24 per year.
-It should be stressed that Bracebridge Heath Parish Council has no outstanding loans.
-The rate offered is fixed throughout the borrowing period.
What will the borrowing look like?
Borrowing £500,000
30 Years / 4.57% / £30,786.86 per year
05/12/2022 (DLUHC Calculator)
Implications for council tax
Band D Property: + £16.24 per year
How does our precept compare locally?
| Parish Council | 22/23 Precept |
| Branston & Mere Parish Council | £120.58 |
| Waddington Parish Council | £92.94 |
| Metheringham Parish Council | £132.91 |
| Washingborough Parish Council | £155.38 |
| North Hykeham Town Council | £134.76 |
| Heighington Parish Council | £98.75 |
| Bracebridge Heath Parish Council | £80.20 |