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This paper analyses Glasgow's use of the Prudential Borrowing Framework (PBF) for rationalisation and renewal of its primary schools and the additional borrowing costs to be met by the resulting efficiency savings and by sale of surplus school sites. Our findings reveal that the PBF has many perceived advantages compared with the Private Finance Initiative/Public Private Partnership (PFI/PPP) route to capital procurement and modernisation. In particular, the link between policy and the use of resources is more transparent under PBF than for PFI/PPPs. However, the approach to risk management seems to have become more relaxed using the PBF even though the Council now retains all associated risks. [ABSTRACT FROM AUTHOR]