County Farms sold to help Somerset County Council with debt
The sale of County Farms across Somerset has raised funds of £18.51 million for reinvestment into capital projects by Somerset County Council.
The latest, Pepperhill Farm, near Overstowey, in the Quantock Hills, sold at auction for in excess of £1.7million – more than half a million pounds over the guide price.
Cabinet member David Huxtable said: “Sales like these allow us to continue our investments into capital projects such roads and schools buildings without needing to borrow.
“The sales have raised a huge amount of money which we are using to improve vital parts of what the Council provides and we are re-investing that income into the areas that need them most, widening the benefit to as many people as possible across the county.”
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The money raised from the sale of the farms is classed as capital revenue, meaning that the Council has to spend the income on building projects and not to support front line services.
Councillor Huxtable added: “We are continuing to pay off our huge debts, but debt is still costing £33m a year to service.”