| Title:
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REPORT ON THE FUTURE IMPACT OF BORROWING AND PRIVATE FINANCE COMMITMENTS AND BELFAST METROPOLITAN COLLEGE'S TITANIC QUARTER PPP PROJECT
TOGETHER WITH THE MINUTES OF PROCEEDING OF THE COMMITTEE RELATING TO THE REPORT AND THE MINUTES OF EVIDENCE, TWENTY-FIFTH REPORT |
| By: |
Northern Ireland: Northern Ireland Assembly: Public Accounts Committee, Michaela Boyle |
| Format: |
Paperback |
| List price:
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£21.00 |
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| ISBN 10: |
0339605480 |
| ISBN 13: |
9780339605480 |
| Publisher: |
TSO |
| Pub. date: |
10 December, 2014 |
| Series: |
Northern Ireland Assembly Reports 202/11-16 |
| Pages: |
257 |
| Synopsis: |
The Executive increases its spending power and supplements its funding of capital investment from the block grant with private sector funding using Private Finance Initiative (PFI) contracts and accessing borrowing under the Reinvestment and Reform Initiative (RRI). Both give rise to long-term inescapable financial commitments. The current costs of meeting these commitments are substantial, at approximately GBP375 million each year until 2030. Servicing these is a first call on the Executive's budget requiring it to make substantial annual payments that can extend for up to thirty years into the future. Clarity in terms of the quantum and impact of these commitments is an important part of the decision making process and is critical to the understanding and scrutiny of future public sector budgets. It is important that the affordability of the long-term spending implications of Reinvestment and Reform Initiative borrowing is taken into account by the Executive and visible to the Assembly and its Committees. However, currently there is no published and transparent borrowing strategy underpinning the Executive's budget process.The significant cost of borrowing will further increase depending on any decision to continue to access borrowings beyond planned levels to 2016. |
| Illustrations: |
figs, tables |
| Publication: |
UK |
| Imprint: |
TSO |
| Returns: |
Returnable |