Quote:
Originally Posted by MikeSz
And here's another important point that is often overlooked - from what I understand, HBC had a debt of about £42m 8 years ago. As far as I know, that debt has now been reduced to about £14 million since.
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It was £42m - it peaked at £46m. £22m for Council Housing and £26m for the Council Tax Payer. When The Council Houses were transferred the Council had the £22m wiped out PLUS another £10m which reduced the Councils' debt to £16m currently.
It has not increased because Gordon Brown has for 3 years financed the Council's Capital Programme. We normally borrow £2m each year but he has given us £2.5m per year. £7.5m. So we don't have to borrow.
An important question is where are all the interest savings on the £10m debt write off being spent? The savings figure is around £900,000 per annum by the way. Also to consider that Council House sales receipts have risen sharply with house prices. This all comes to the Council so where has this money gone too. And we spent 450k on Concessionary Fares prior to any national scheme. Now we have the Government scheme, the Council's scheme has been scraped. So where's that 450K a year gone?