In November, it was reported that the local authority owed about £483million in long-term debt to the treasury. But a high-profile bond issue was also launched on the London Stock Exchange last year adding £370million to the total. Next year it will rise to £1.043billion before starting to reduce in the financial year 2020/21- dependent on spending being kept low.
SNP finance spokesman and group deputy leader Graham Dickson said “The city will have to make tough decisions in years to come because of this Labour-led administration’s adding of hundreds of millions of pounds of new debt over the last five years. While we supported the bond issue it was only needed because it was a cheaper way of offsetting these debts than traditional borrowing. The administration’s project management has also allowed projects to go over time and millions of pounds over budget.”