Record-Breaking £165 Million Investment Programme Launched

11.27.00am UTC (GMT +0000) Tue 8th Jan 2008

• RICHMOND Council has announced a record-breaking £165 million investment programme for the next five years to transform local public facilities.

The investment programme, which will go to Cabinet on 14th January will see massive investment in a range of public services, including:

* Over £107 million in the borough's schools;

* £15 million in new affordable housing;

* £7 million in environmental improvements;

* £1 million in improvements to youth centres.

The Council also expects to spend around £25 million in road and pavement improvements over the same period using funds from Transport for London. The programme will be funded from a range of sources, including the Council's reserves, government grant, borrowing, developer contributions and the sale of surplus land.

Councillor Stephen Knight, Deputy Leader and Cabinet Member for Resources said: "The Liberal Democrat administration is determined to invest in our local public services and facilities, whilst holding down Council Tax to the minimum possible. We are not content with simply hoarding bigger and bigger reserves at the town hall like the Conservatives did before us. This new capital investment programme covers the next five years and will transform many of our local public services, especially our schools, where the majority of the investment will go."

• Cabinet agenda: http://tinyurl.com/yvan2w

• Capital budget 2008/09 to 2012/13: http://tinyurl.com/255rdf

• Medium and Long Term Financial Strategy: Capital Review Paper: http://tinyurl.com/22h9pc

• Capital programme for 2007/08 to 2011/12: http://tinyurl.com/288vg2