People of Oswestry to have say on how £3.9 million town windfall is spent
The people of Oswestry must have a say in how almost £4 million should be spent to benefit them – and soon – councillors have agreed.
A deal that saw supermarket giant Morrisons lease part of the livestock market land in Oswestry for a new retail complex, led to a windfall of £3.9 million for Oswestry Town Council.
Councillor Duncan Kerr told the town council's finance meeting it was time the authority began to look at how the money should be spent.
“We have a shade under £4 million, it is four or five years since the money came to us and we haven’t had any proposals put forward on how to use it,” he told Monday’s meeting.
“I am not saying we need to spend it now, but as we move into our budget planning for next year we need to look at how we move forward in deciding how it should be used for the benefit of Oswestry.
“My fear is that we choose the first proposal that is put forward, not the best one.
Interest
“We must allow the public to have their say on how that money should be used.”
Councillor Paul Milner agreed that there must be public consultation.
The council heard that the windfall money must only be used for capital and not revenue projects. Councillors had already decided that the priorities for using the money must be for projects generating revenue, keeping down council tax and on revitalising the town centre.
Councillors also agreed to transfer some of the money to a different bank to generate more interest. A report showed the £950,000 in the Handelsbanken was generating a low rate of interest. Councillors agreed that all but £30,000 of the funds in that account be transferred to Lloyds Bank.
Town clerk Arren Roberts said: “It is difficult for public bodies to open bank accounts. I would like to retain some money there to keep our options open.”
Work is well under way on the Morrisons Store in Shrewsbury Road. The company says it will close its store in Oswestry Road when the new shop opens.
