Newspaper article from our research archive:

Council's [Pound]29m debt 'not as bad as it looks' We've adequate assets, says mayor

NEWTOWNABBEY Council's [Pound]29m debt level is "nowhere near as bad as it looks", the borough's new mayor has argued.

The Belfast Telegraph last week revealed that Newtownabbey topped the local government borrowing league, owing [Pound]562.24 for every voter in its district.

But Ulster Unionist councillor Ted Turkington, who took over as Mayor this week, has stressed that it has more than enough assets to cover its debt.

A statement issued by the council made a similar point: "The capital indebtedness of a council is a reflection of the scale of facilities and services provided for ratepayers," a spokesperson said.

"Newtownabbey has fixed assets approaching [Pound]80m and this year's rate ...

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