Thurrock Council and its strategic partner — Vertex — have agreed a one-off payment for the current financial year which will save the council thousands of pounds.
This month’s published list of council invoices of £500 or more shows a payment of nearly £20 million (£19,984,435.91) from the council to the company.
Thurrock Council Leader, Cllr John Kent, explained: “Local authorities like Thurrock have access to funds at cheaper rates than private companies due to the collateral and capital they hold.
“This means we were able to negotiate a reduction in our payment to Vertex of just under £300,000 and, despite having to pay interest, we are still making a saving of approximately £200,000 overall.”
He added: “Instead of paying Vertex the full amount split up over regular monthly payments, we have paid the full amount in advance resulting in a substantial saving — and congratulations are deserved to all involved.
“Like all councils, we are having to look at making big savings again this year. This agreement means there’s £200,000 that can stay in our budget to provide the services local people need.”
Details of the council’s £500-or-more payments for April are available on its website (www.thurrock.gov.uk) and seeking Open Data on the A-to-Z.