Swindon Borough Council owes more than a quarter of a billion pounds to its creditors.

And that debt has increased slightly over the last six months.

The council's total debts actually come to more than £300 million - but taking into account nearly £50m of investments - the net debt at the end of September is £268.5m

That's an increase of sightly less than £1m from the net position at the end of March of £267.7m.

The net figure is almost exactly the same as the money the council owes to the Public Works Lending Board which makes loans to local authorities for infrastructure projects.

The council has a long term debt of £30m on the open market and short term borrowing of £17.

That figure is nearly completely offset by investments of £45.5m - a reduction from the £48m the council had invested at the end of March.

The interest on its debt to the lending board is at 3.39 per cent, significantly lower than the 4.3 per cent its paying on its long-term market debt. It is receiving 1.93 per cent interest on its investments.

A report to be made to the council's audit committee at its meeting next Tuesday says the council has not taken out any new long-term loans in the first six months of this financial year.

its long-term borrowing was cut from £307m by £10m as a loan of £10m matured, but that gain was offset by an increase in short-term borrowing from £8m to £17m.

The committee's meeting begins at 6pm at the civic offices.