Reply to: Councils

[TimberWolf]

http://www.thedailymash.co.uk/news/w...-200810101314/

Mr Cook is now demanding £1bn of taxpayers' money in compensation for losing £1bn of taxpayers' money.

[Sysman]

Err no, majority does not go on public services. Majority goes on staff salaries and pensions. The collection and administration swallows up the majority of CT.

The council who was a customer 20 years ago was getting to the stage then where pensions were costing more than salaries.

[Paddy]

Many of these councils were approached by those clever sales chappies at said Icelandic banks offering generous terms.

With regards to budget surpluses, if you have a retained profit in your ltdco would you volunteer to take a rate cut from your client for the next 6 monther? Of course you wouldn't.

generous terms = back-handers

TELEGRAPH 26.2.08
£1 trillion cost of public pensions
By Andrew Porter

Public sector pensions are set to cost taxpayers £1,025 billion - or £40,000 for every household over the next 20 years - according to figures released today.

[moorfield]

Can anyone explain to me why councils are hoarding up money in Icelandic banks and not spending it on public services?? If there is a surplus simply charge us less tax!

Many of these councils were approached by those clever sales chappies at said Icelandic banks offering generous terms.

With regards to budget surpluses, if you have a retained profit in your ltdco would you volunteer to take a rate cut from your client for the next 6 monther? Of course you wouldn't.

[Paddy]

They are spending it on public services, they are just keeping it in the most productive account until the bills come in.

Err no, majority does not go on public services. Majority goes on staff salaries and pensions. The collection and administration swallows up the majority of CT. (I have contracted with a few local authorities and I had to have an understanding of their finance for the projects). Even worse are business rates, the vast majority of the tax goes to central government.

I have two town centre properties that are mixed use. £2,800 CT each and £12,000 each business rates plus the swindling business levy of £500. Each of the above are paying for the same services several times over. The business levy so far has raised £5,000,000 and has paid for two PCOs and the removal of some chewing gum. The remainder goes on administration charges including “consultancy” The firm of consultants has two councillors as directors. And AtW thinks there’s no F’n corruption in this country.

[Bob Dalek]

the money had to be spent so they didnt lose 300k out of their next years budget!

Thank you for spelling "lose" correctly. But shame on you for not using an apostrophe in "didn't".

[DimPrawn]

Can anyone explain to me why councils are hoarding up money in Icelandic banks and not spending it on public services?? If there is a surplus simply charge us less tax!

http://www.thedailymash.co.uk/news/w...-200810101314/

[NetwkSupport]

no can do

[bellymonster]

im sure i could get into trouble about it if i divulged - client confidentiality agreement and all that....

booby prize to the first CUK'er to find the page i put on there....hint it begins with https:// lol

At least tell us what region it is in.

[NetwkSupport]

For the good of the country you should divulge the council involved.
I hate waste like this and it should be stamped out.

im sure i could get into trouble about it if i divulged - client confidentiality agreement and all that....

booby prize to the first CUK'er to find the page i put on there....hint it begins with https:// lol

[The Lone Gunman]

this was at the end of in 2005.....

It is a fairly recent change. Some managers still insist on spending the money.

[Cyberman]

You're missing the point - the question was why have they got any money on deposit, not why was it in Icelandic banks.

Full marks for getting in yet another dig at any Non-Tory and explaining the actions of (some) Tory Councils by blaming Labour - what footie team do you support?

Not missing the point at all. It is sheer incompetence from HMG, Councils etc.
As a taxpayer we are all entitled to question their constant crazy decisions.

Northern Rock has been guaranteeing deposits and were offering the best rates (over 7%) in the UK for longterm deposits until very recently.

I just find it incredible, after the warnings in the press as well a few months ago. I heard on the radio last night that one council did move their money after those warnings. Perhaps we should make their man PM, because nobody else seems to have a clue!!!

[NetwkSupport]

I believe this is one thing that NL ave managed to stop.

this was at the end of in 2005.....

[The Lone Gunman]

the money had to be spent so they didnt lose 300k out of their next years budget!

I believe this is one thing that NL have managed to stop.

[TimberWolf]

Can anyone explain to me why councils are hoarding up money in Icelandic banks and not spending it on public services?? If there is a surplus simply charge us less tax!

I think as a proportion of Council annual budgets, the money invested/lost is quite minuscule.