The Town Council have identified that a budget of £1.9 million for the development is affordable. This would be made up of a £1.4 million loan from the Public Works Loan Board and £500,000 from “earmarked reserves” - these are reserves that have been specifically built by the Town Council over a number of years to fund a new community facility.
At the Billericay Town Council meeting on Thursday 14 March 2019
it was resolved to apply for a PWLB loan of £1,400,000 over the borrowing term of 30 years for the construction of a new community building for Billericay. It is not intended to increase the council tax precept for the purpose of the loan repayments which will come to around £66,172 a year. The Town Council welcomes the views, suggestions and feedback from residents on this project and borrowing approval application which has been submitted to the Ministry for Housing, Communities and Local Government for the Secretary of State's approval.
Whilst we will be applying for various Public Grants, our budget takes no account of these. To view the Impact on Budget document click here
Currently we are operating two facilities: Crown Yard, which contains the staff office and the Council meeting room, and Chantry Way. Crown Yard is rented and costs around £36,000 per year in rent, rates, insurance and various other costs. Chantry Way costs around £13,000 to run. Merging the two facilities into a single building in Chantry Way will reduce duplicate costs and ensure that any money spent is invested in an owned building rather than sunk into unrecoverable rent.
In 2017/8 the Chantry Way hall provided an income of £11,700 made up of a mix of income from community groups at subsidised rates, and market rate income from commercial organisations.
We have budgeted on an annual income of £25,000 from the new facility (hall and meeting rooms) which we believe to be easily achievable.