Has there been any news about how Swanage Town Council has, or will, invest or spend the windfall of 7.25 million pounds from the sale of Swanage Bay View Holiday Park?
If not, do our bloggers think that the Council must be transparent about this, or is this privileged information (leaving us to trust the oversight carried out by the District Auditor)?
Posted by Anonymous to swanageview at 11:23 AM
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21 comments:
Why not make a request for this information from STC ?
It appears that no one Swanage cares about this topic.
Time for a nap. Sleep well.
The infrastructure for superfast broadband would be a good investment
that's interesting because I get about 6mb download speed with BT which seems to be faster than my PC can handle already
Perhaps noone has bothered to request info from the town hall as we all know that the wonderful town clerk wont bother to reply to any letters or requests?
The Freedom of Information Act deals with access to official information and gives individuals or organisations the right to request information from any public authority.
http://www.ico.gov.uk/
I know of cases where the Town Clerk has refused FOI requests because the information was considered privileged.
So much for transparency.
How this money is in no way privileged information. I suggest the council post how it is invested on the website. NOW.
Streuth, the things I do for you lot!
"TREASURY MANAGEMENT PROPOSALS
Having regard to the recent disposal of the Holiday Park, the Clerk
highlighted the urgent need for detailed consideration to be given to treasury management proposals. He reminded Members that budgets had been set on an assumed rental income, as opposed to a large capital receipt, and would therefore impact on the Council’s revenue performance.
During the ensuing discussion, Members were mindful of the importance of safeguarding the capital sum, but also of maximising the income from a low-risk investment.
Consideration was also given to the impact of the disposal on the Council’s current status, together with proposals to lease out some Council-owned facilities and
requirements highlighted in the draft Asset Management Plan.
Following further discussion, it was proposed by the Town Mayor, seconded
by Councillor Suttle, and RESOLVED UNANIMOUSLY:-
That a Working Party be set up, comprising of the Town Mayor and Councillors Gloyn-Cox, Poultney and Suttle, to consider investment proposals and review the future strategy to be adopted by the Town Council.
It was AGREED:-
That the Working Party meet on a regular weekly basis,the first meeting to be held on Friday, 23rd October,2009 at 9.30 a.m.
Source: http://www.swanage.gov.uk/council/list.asp?tp=Policy%20and%20Planning%20Meetings
JIC
http://tinyurl.com/yd42v5s
The top pdf.
Thanks, for the avoidance of doubt:-
Is the £7.25 in the bank yet or to be paid in instalments?
Is the £30,00 per. year linked to inflation?
Huh?
The Infomation Commission recently ordered the STC to produce documents it had refused to. STC appealed and it went to Tribrunal. STC lost. Info Comm did not ask for costs because it felt that the this had cost the public enough.
Strewth, I do not find it that difficult to cut and paste.
A previous posting:-
"I know of cases where the Town Clerk has refused FOI requests because the information was considered privileged."
FOI/ICO information
"When can I complain?
You can complain about a public authority if:
* they have failed to provide the information you asked for;
* they have failed to tell you whether or not they hold information;
* they have failed to respond to your request within time limits (normally 20 working days);
* they have failed to give you proper advice and help;
* they have failed to give information in the form in which you requested it;
* they have failed to properly explain the reasons for refusing the request;
* they have failed to correctly apply an exemption under the Act – in other words, they have refused to disclose information for the wrong reason;
* they have overcharged you for providing information."
I assume that the money from the sale of the lease of SBV sits in a bank, gaining only bank interest, until a way forward is found to invest it more effectively.
I intend to ask (via FOI if necessary):
(1) Is this money under deposit in a bank or financial institution; if not, where is it?
(2) Is this money insured against loss to the full amount in the event the bank or financial institution fails (think Iceland Bank debacle and PDC);
(3) Is this money ring fenced against any expenditure by the Town Council until such time as the Council's Working Party concludes how to proceed AFTER public consultation (i.e. debts and projects cannot be paid until this has happened)?
(4) Is the handling and use of this money by STC subject to conditions, and monitoring, by the District Auditor and, as such, will a full accounting be made available to the public via the annual financial report which must be approved by the DA?
Okay? Any other items I should include? I will report back with 28 days after the FOI is submitted.
Of course, if any STC members are reading this, they could preclude these questions by informing the public now, which is, in my view, their democratic responsibility so to do. These questions are utterly reasonable and by addressing them now the Council will avoid unpleasant speculation and rumour.
and will it be taxed?
Good question. I will add it to my FOI questions. Thanks.
Fair and reasonable questions to ask the guardians of the public purse.
I heard a rumour at the pub that a council member has confirmed that a sizable portion of the proceeds from the sale of SBVHP have already been spent to balance the deficit in the town's books.
Would a Council Member use this forum to dispel this rumour?
May I enquire as to how the enquiry is proceeding ?
Haven't heard anything about the enquiry yet but -
-as at least one Council member reads and participates in the blog, may I humbly suggest that he do the right thing for his constituents by raising this himself. Aren't our leaders representing us, not themselves (in theory, anyway)?
Come on, Mike!
£5m 12 Months 3.0%
> £1.8m 6 Months 1.6%
> £357k 3 Months 1.3%
Got this from the council minutes. How are they going to cover the short fall?
They aren't. They made perhaps the biggest blunder in the history of STC.
It is not that they were not warned.
But the people of Swanage are oblivious, so they can live with it.
Any town which so carelessly sells off the family jewels - and SBV was the town's prime asset, never to be replaced - is on the way down. Swanage may have been tipped over the precipice towards interminable decline. There may not be much of a a future (except for looking after the needs of second home owners and retirees, and daytrippers = low paying jobs and no affordable homes) for young singles and families. This creates a downward spiral that cannot be halted.
Swanage = fast becoming the new 'Bridlington of the south'? Pity.
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