MONMOUTHSHIRE County Council has announced it will have to take out a short-term loan to fund the £3.45 million replacement cattle market planned for either Raglan or Llanfoist, writes Lesley Flynn.

The news was revealed at a special cabinet meeting last week in a report on the council's commitment over the next three years to major capital schemes such as the market.

The report stated that a buildings loan will be required as the cash from the sale of the closing cattle market site in Abergavenny will not be received until the financial year 2007-08.

But Cllr Douglas Edwards asked why these figures had been revealed in the report. He said: "These items about the cattle market should have been on pink paper.

"The figure which is quoted is considerably less than we were told in confidence last year. The realisation from the site has dropped considerably."

But council leader, Cllr Andrew Crump replied: "There was no talk then of the added benefit of the library and cinema but now the cost of those is included in that figure."

The replacement market will be sited either at Raglan or Llanfoist, with both sites attracting levels of local opposition. A final decision is expected in the spring and the market will be open by the end of year.

Meanwhile, Deputy leader Cllr Graham Down said the level of funds available for large capital schemes projects was around the £20 million mark, which did not meet the £30 million needed.

But the cabinet remains committed to schemes such as the restoration of Mon-mouth Shire Hall, the main-tenance of County Hall and also the Access for All programme.

Cllr Down said there were other "worrying elements" to their capital programme including the £17 million maintenance backlog to its property assets but the budget provisions for £6.2 million over the next three years. The maintenance backlog on the council's infrastructure is estimated at £39 million, after condition surveys were carried out.