Fylde Council is set to be debt-free in time for Christmas.
The council is due to pay off the last £1m of their 10-year loan from the United Kingdom Debt Management Office, leaving them as one of only three councils in Lancashire with
no external debt.
The final instalment is due to be paid this month and will leave the council debt-free for the first time since March 2008.
Karen Buckley, deputy leader of Fylde Council and chairman of the Finance and Democracy Committee, said: “I am delighted that the hard work of all our budget holders and the
direction that we have taken as a council since the beginning of this decade has resulted in Fylde becoming debt-free.
“The revenue support grant from Central Government has reduced to nil during this time and alternative income streams have shifted the risk from Whitehall to the local authorities.
“Here at Fylde we have managed this risk extremely well whilst protecting the services that our residents expect and provided investment in the borough at the same time.”