As a key partner in the Heritage Triangle Project, Diss Town Council borrowed £200,000 in 2015 as its contribution towards the £3.2m Project. One of the risks identified was that the Project costs may over-run (as is often the case with such historic and therefore complex buildings) so the option to borrow further money was retained.
The Town Council also agreed to underwrite the Project to the value of £130,000 to cover what was at that time, a funding shortfall, in order to get permission to start from the Heritage Lottery Fund (HLF). The Project team managed to fundraise far more than their goals, but despite their best efforts, the Project has over-run its original budget and a bid for an additional £235,000 has been submitted to the HLF to help get this Project completed.
If the bid is successful, this extra money will be subject to the Town Council honouring its original commitment of £130,000 which means we must take out a further loan to this value. However, the loan repayments would be offset by savings we have made elsewhere in the budget, meaning it will not impact on residents.
We have worked very hard not to raise our share of Council Tax over the last few years. Unfortunately, largely due to considerable reductions in government grants, Diss Town Council has had to increase its share of Council Tax by £14 for the 2017/18 financial year. We will keep striving for cost savings in what we do, whilst maintaining and improving our services, so that you receive quality and value for money.