THE Evening Advertiser (Monday, July 28) reveals the discovery of a 'forgotten bank account' holding £2.5 million of Swindon Borough Council money.
Exciting almost reckless but I suspect this is not a bank account, merely a fund held within the council's accounts.
It sounds like a capital fund derived from the capital receipts arising from the sale of council houses. No surprise to officers then.
Unfortunately a fund is not necessarily represented by cash, so the council's financial strictures still apply.
Also, at the time of the commencement of the sale of council houses, there was rigid regulation of the way in which this capital money could be applied.
These strict controls have been relaxed; furthermore the council housing stock is part of the assets of the council. Although the housing revenue account is ringfenced, the receipts from disposal of assets may be used for the benefit of the council tax payer at large (ie the general fund). This fund is therefore available, effectively, to meet the prioritised needs of the borough as a whole any ideas?
GERALD CANFIELD
Old Town
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