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Councils and money in the bank

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after reading about the Grenfell tower disaster and the local council has all this money in the banks is this money taken in consideration when cutting council services.? what is this money stored in the banks for? is their a list of all councils stating how much money each has in the banks ? a little confused :D

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after reading about the Grenfell tower disaster and the local council has all this money in the banks is this money taken in consideration when cutting council services.? what is this money stored in the banks for? is their a list of all councils stating how much money each has in the banks ? a little confused :D

 

Grenfell was run by a privatised housing association, not the council.

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Grenfell was run by a privatised housing association, not the council.

 

Pensions??

 

oops replied to wrong post

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Grenfell was run by a privatised housing association, not the council.

 

Although Kensington council is supposed to be one of the richest in the country due to the amount of council tax they pull in??

 

(according to the media)

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Grenfell was run by a privatised housing association, not the council.

that's why ive started a thread about councils and money in the bank :roll:

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SCC I believe have over £159 million in reserves at the last count but..

 

From that you have to take away the money reserved for looking after schools, then money that forms the Housing Revenue that can only be spent on housing, then the money that is already committed on spending.

 

Despite government cuts SCC seem to have a bigger surplus now than in 2015

 

https://www.sheffield.gov.uk/content/dam/sheffield/docs/your-city-council/budgets-and-spending/Sheffield%20City%20Council%20-%20Summary%20Accounts%202015-16.pdf

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As long as the money is in British banks, then what is the issue? Big organisations such as councils need an healthy surplus in order not to have cash flow problems. Would local people be happy if their council had zero amount of cash in the bank?

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I would not believe it, unless I saw the cash. The Government have a deficit, and debt, perhaps a council 'surplus' is not real money.

 

If they have a surplus, how come borrowing is stated to be £755m?

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Grenfell was run by a privatised housing association, not the council.

 

My understanding was it was run by a private business, but it was a council property. Housing association properties are not council owned.

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My understanding was it was run by a private business, but it was a council property. Housing association properties are not council owned.

 

Not a private bussines. The Kensington and Chelsea Tenant Management Organisation.

 

The TMO was set up on 1 April 1996, under the UK Government's 'Right to Manage' regulations. The TMO has a board comprising eight residents, four council-appointed members and three independent members.

 

Did they have the skills needed to run such a large organisation?

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The Government have a deficit, and debt, perhaps a council 'surplus' is not real money.

 

No, the Council surplus is real and forms part of the official audited accounts, its in the bank and spendable. According to some its held back for emergencies. The government also do the same and have several billions in funds held back for emergencies so it doe not interfere with the budget that is given.

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