How come...........? (8)

panjaret's profile

Posted by panjaret on Thu 9 Oct 08, 7:38 PM

Its come to light this week that many many local councils and a few charities have been fucked up by the icelandic bank crash.

Dont you just hate it when someone is pissing down your neck and telling you its raining? All these local authorities are shutting down services, making redundancies, cutting back on spending for essential works and all the time raising the council tax levy to well above the inflation rate.

And the bastards have had millions of our money stashed in the bank, which it seems they may have now lost

If they had all that money, why didnt they spend it on the vital things it was meant for?

Im past feeling incensed, im just numb with rage.

Replies

9 Oct 08, 7:46 PM
corwin1966
UK(L), 2 yrs

They always have done, that is how Local Authorities finance works.
The majority of the money is from grants (either one off or annual grants). They get the money in a lump sum to cover the greater proportion of the annual budget, but have to pay the money out over the whole year.
To make best use of the money, they invest this, to generate interest which actually reduces the amount that needs to be raised through council tax.
There are also a lot of other monies that Local Authorities have that cannot just be moved from one service to another because of restrictions placed on them by Central Government or EU as the money is only allowed to be spent for a particular reason, and any underspend has to be paid back.

Vision without action is just a dream, action without vision just passes the time. With action and vision you can change the world.

9 Oct 08, 7:57 PM
panjaret
UK(B), 6 mths Yeah, but to tell us they are strapped for cash and that we have to go without certain things cos theres no money left and then we find there are MILLIONS in the bank is a real piss take.
It works both ways. Hey tax man, im skint but ive got loads under the matress
Being Bi means i can double my options. My sister says im just plain greedy. Feel the fear, and do it anyway. Beat me, suck me, whip me, fuck me. Who ever you are, be the best you can. Its better to regret something you have done, than to regret not having done it - Me!

9 Oct 08, 8:03 PM
corwin1966
UK(L), 2 yrs

panjaret wrote:
It works both ways. Hey tax man, im skint but ive got loads under the matress
Don't tell me you are really Ken Dodd in disguise?????
Vision without action is just a dream, action without vision just passes the time. With action and vision you can change the world.

9 Oct 08, 8:08 PM
subsearcheruk
UK(GU), 14 mths

panjaret wrote:
Yeah, but to tell us they are strapped for cash and that we have to go without certain things cos theres no money left and then we find there are MILLIONS in the bank is a real piss take.
Do you get your salary once a year in a big lump sum? If you did, you would spend it all at once? Most of the councils are strapped for cash, because it is all allocated to things that require cash over the course of the year, like the fat cat salary of their chief executives. If you want to moan about something, pick that.
It is rather funny that the Icelandic government aren't happy that the UK has frozen lots of assets. Thought they could run off with a lot of our money and get away with it!
S

9 Oct 08, 8:27 PM
misstressclare
UK(TA), 17 mths

when I say I am skint I mean it not stash millions away
I agree lol
rainy day and its pouring down they still can not get it lol Turnd to ice x
Edited 9 Oct 08, 8:29 PM by misstressclare

9 Oct 08, 10:01 PM
fuschia
UK, 8 yrs

panjaret wrote:
Yeah, but to tell us they are strapped for cash and that we have to go without certain things cos theres no money left and then we find there are MILLIONS in the bank is a real piss take.
It works both ways. Hey tax man, im skint but ive got loads under the matress
The millions invested in Iceland are only a tiny proprtion of the funds held by local government.
Local councils invest all available cash ... for eg overnight they will invest all cash reserves on the over night money market, it's their duty to make the cash they hold work for them.
It's a bit like us when we receive our monthly pay cheque. it makes sense to have it an account earning interest...
Now, if our bills and our outgoings exceed our income, we'd be right to complain that we don't have enough money to do everything we want to. It wouldn't be very fair for someone to look at our bank balance on payday and accuse us of having too much dosh!

Currently throroughly fed up with all the moaning.
These are my favourite sites:
www.londonfetishscene.com & www.unfettered.co.uk & www.backlash-uk.org.uk
but anything outrageous I say is my own opinion!

9 Oct 08, 10:09 PM
fuschia
UK, 8 yrs

http://www.iii.co.uk/news/?type=afxnews&articlei...
Transport for London, which has 40 million pounds (...) in Kaupthing, the latest Icelandic casualty, said the amount "is a significant figure, but needs to be set in context against TfL's total annual budget of 7 billion pounds"."
Currently throroughly fed up with all the moaning.
These are my favourite sites:
www.londonfetishscene.com & www.unfettered.co.uk & www.backlash-uk.org.uk
but anything outrageous I say is my own opinion!
Edited 9 Oct 08, 10:11 PM by fuschia

13 Oct 08, 12:07 AM
StrictUKMan
UK(BR), 2 yrs
Y! Most of the money that local authorites have to invest is the pension fund for their employees. It does not make it acceptable that they have invested in some dodgy overseas bank but does explain why they have so much cash as public sector employees are the only ones with final salary pensions available to new starters these days.
One question that really vexes me though is why MPs don't just have a final salary pension which they can draw immediately they leave Parliament but the scrotes that they are they get 1/30 of their final salary per year of service unlike mere mortals who if they have such a pension earn 1/60 per year of service.


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