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Cash boost for jobs in Ryedale
1:10pm Wednesday 31st October 2012 in News
A BIG financial windfall for Ryedale is set to be earmarked to help create new employment in the district.
The New Homes Bonus, which is provided by the government to encourage new development, will see £439,779 going to Ryedale District Council.
The council is being recommended by its policy committee to invest the money into a new Ryedale Development Fund for spending on projects which deliver, or protect, jobs.
Corporate director Paul Cresswell said there were several options for the use of the money including allotting it to the council’s capital programme, or helping the council’s budget situation.
He said that the government’s announcement of its rate grant to Ryedale, due in December, was likely to be “particularly challenging”.
He said: “Cuts to services are almost certain for next year.”
Using the money to generate revenue savings in the council’s budget could reduce the size of the cuts, said Mr Cresswell.
He added that in the next financial year, the council was to receive more than £600,000 under the bonus scheme which, he added, is expected to continue until 2018.
This year’s allocation of £214,540 was allocated to the council’s community investment fund (£100,803), district wide projects (£100,803), and just under £13,000 to the North York Moors National Park.
“The bonus scheme is designed around the council tax revenues generated from housing development,” said Mr Cresswell.