WINSFORD Town Council has transferred a quarter of a million pounds into a savings bond after selling off land at Springbank Crescent.
The council received a capital receipt of £198,170 from the sale of the land. Capital receipts cannot be used for revenue purposes so the money was paid into a NatWest business current account.
The balance of the account stood at £305,978.52 after the sale, so Winsford Town Council’s Finance Committee recommended investing £250,000 into a savings bond in order to attract a higher rate of interest.
Town Clerk Alan Warburton said: “We now have over £300,000 that is effectively just sat in a current account.
“So I recommend we transfer a quarter of a million of that into a bond where hopefully we can get at least a modest rate of interest.”
A further £27,000 is invested with Cheshire West and Chester Council and £1,252.88 is held in the Capital Projects Fund account.
The decision to invest £250,000 into a savings bond was approved by Winsford Town Council Finance Committee meeting on Monday, April 20.
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