A COUNCIL has saved almost £1million by amending the Private Finance Initiative contract agreed to build two new schools.
Blackburn with Darwen Borough entered into the multi-million pound deal in 2010.
The scheme allowed for the building of the new Witton Park High and Blackburn Central High with Crosshills schools.
Since then PFI deals have become controversial because of the high levels of debt some schemes have saddled public authorities with for decades to come.
Tomorrow night Blackburn with Darwen Council’s Executive Board meeting will be told that town hall experts have successfully renegotiated the ten-year-old PFI deal which was part of the Building Schools for the Future programme.
A report from children’s services boss Cllr Maureen Bateson says: “The refinancing has resulted in a financial benefit for the Council totalling £972,000 after deduction of the costs for all financial and legal advisers engaged on the project.”
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