A BUDGET that could unlock more than one million pounds for local investment has been approved by Otley Town Council.
Members have voted for a financial package for 2016-17 that will see the local precept rise by nearly 11 per cent.
The budget will be £406,920, of which £340,854 will come from the precept - representing a 10.7 per cent increase of £6.87 a year for Band D households.
Councillor Ray Georgeson (Lib Dem, Danefield) said the money would give the council "the ability to deliver significant investment impact for the Otley community of over £1 million."
Chairing Monday's Policy and Resources Committee meeting, Coun Georgeson explained how a new Investing in Otley Fund was at the heart of the budget.
He said: "This is our proposal to kickstart a step-change in the ability of the Otley community to invest in our town’s future infrastructure.
"The fund will have an initial £40,000 provision, some of which may be able to kickstart projects quickly this year.
"But most is expected to provide for interest payments to the Public Works Loan Board for project-specific loans we will take to provide investment leverage for community infrastructure projects.
"The provision will enable the council to borrow up to £500,000 should suitable projects develop.
"This in turn would lever a minimum of match-funding and possibly more - so a minimum of £1 million investment in the Otley community will be possible."
Most members voiced support.
Councillor Nigel Francis (Ind, Danefield) however, the sole councillor to vote against the budget, questioned the lack of detail about schemes that might be funded.
He said: "There's a little bit of pie in the sky regarding this, and to go to the public and say we're increasing the precept by 10.7 per cent - people will say 'what's that for?'"
The Liberal Democrat controlled council's only other opposition member took a different view.
Councillor Mick Bradley (Green, Danefield) said: "I think it's a bold move if it does show results.
"If we pick the right sort of projects across the sort of areas that are mentioned...I'm prepared to support this. Let's see if we can make something of it."
Coun Georgeson said: "Our intention is to send a clear signal to the Otley community and potential investors that we are serious about making some significant investments and leveraging support."
He added that projects involved in improving local sporting, leisure, entertainment, cultural, environmental and employment opportunities were likely to receive backing.
*The council's former Labour chairman John Eveleigh has criticised the plans. He said: "The council will have to justify to residents why they are significantly hiking the precept.
"They are raising a further £40,000 for a yet undetermined project, and that £40,000 will be used as the interest payments on a loan.
"It therefore follows that this significant burden to local taxpayers will be borne over a long period - probably 25 years.
"Unless they have a fully worked- up scheme it would seem they are raising the precept prematurely, and if they have got a worked-up scheme shouldn’t the public be told about it?"