Local Councils money in Icelandic bank !

WTF they reckon they dont have enough budget left to sort certain things out in the local community. Then we discover they have 50 Million in the bank in Iceland earning interest. I dunno eh, seems like we are all being taken for mugs right now. No doubt if the money is lost we will all have to cough up the so called shortfall !!!

Rant over.

The banks were on the Treasury's approved list so I don't think you can blame the councils. But... some of the sums are huge - like the £50m in Kent, £42m in Nottingham. Where did all this money come from? Every local authority needs cash reserves but some of these sums are really eye-wateringly large.

I think many will be shocked not at the potential loss but at the size of the deposits. Council tax has more than doubled under this government, so there's the explanation.

Edit - I spose you could say that the money's frozen. Iceland. Geddit? Or perhaps it's compensation for the cod war.

Originally Posted by Ed

The banks were on the Treasury's approved list so I don't think you can blame the councils. But... some of the sums are huge - like the £50m in Kent, £42m in Nottingham. Where did all this money come from? Every local authority needs cash reserves but some of these sums are really eye-wateringly large.

I think many will be shocked not at the potential loss but at the size of the deposits. Council tax has more than doubled under this government, so there's the explanation.

Edit - I spose you could say that the money's frozen. Iceland. Geddit? Or perhaps it's compensation for the cod war.

I cannot believe that KCC are screaming poverty over everything all the time yet they have just lost this staggeringly huge amount of money! Thats it...no more council tax from me fore a couple of years

As for the jokes...should they not be in the comedy club Ed?

[Gazza77]

Originally Posted by Jdubya

I cannot believe that KCC are screaming poverty over everything all the time yet they have just lost this staggeringly huge amount of money! Thats it...no more council tax from me fore a couple of years

As for the jokes...should they not be in the comedy club Ed?

Something to do with the time of the month or the year perhaps? I deal with Treasury Finance for a large NHS Trust, and we often place funds on deposit between the 15th of the month when we receive our funding and the end of the month when staff salaries are paid. Just because funds are dished out at one point of the year doesn't mean that they are all then paid out straight away. It's in the best interest of council tax payers to be gaining the best return on funds as possible, not really the fault of the council's, more the credit rating agencies that they are using.

Having said that, if I'd lost millions on an investment I made, I'd be pooing bricks now, my fault or not!

[Viney]

I blame Kerry Catonia

Originally Posted by Viney

I blame Kerry Catonia

brilliant

I think my Council is one of those on the list - Council tax bill is already ridiculously high - if they put it up anymore either my bike or car will have to go so we can eat! ..............



oh well, bye bye little banger car

a minor plus though is that at least the councils have saved money, so during tougher times they have back up cash (although not so good in some banks!), that way they wont fall short. Where as the government has been spend spend spend and everytime it wants to increase funding to something we get done on more taxes

Originally Posted by jamesrichardson

a minor plus though is that at least the councils have saved money,

Saved money my arris!! They've simply taxed you more. It's your money, not theirs.

Originally Posted by Ed

Saved money my arris!! They've simply taxed you more. It's your money, not theirs.

+1

It's infuriating - how did we not know about all the money they have had stashed away!