Orpington Labour Party

Labour Rose

Council “investing” unspent ratepayers and taxpayers money in income earning property

… apparently it earns more money than bank deposits and income generated £3m for the council to go towards providing front line services and help balance that budget they underspent by £11m this year…….

Summer 2015’s Update – your Online round up from Bromley Council – or more possibly Bromley Tory’s mouth piece – has an interesting editorial by Councillor Stephen Carr, our Bromley Council Leader.

His Tory Council is “investing in our future in many different ways”

“One way way is by getting better returns on our investments”

Councillor Carr goes on to explain

“Over the past couple of years the Council has invested some of its funds in income earning property investments. These purchases are on track to achieve an annual income of £3m”

3 million pounds !!!

So this year Bromley Council underspent by £11 million and will be further investing in more property investments

“The returns go towards providing front line services and help balance our budget year on year”

Here’s a novel idea Councillor Carr…. Why not use all the funding you have in your budget of around £200 million a year from ratepayers and taxpayers to provide the services for which you are responsible?

Orpington Labour Party’s Press Officer, Nigel DeGruchy, observes

“Bromley Council is supposed to be first and foremost a provider of vital services for its citizens. it is not supposed to be a property investor diverting funds from needy people to keep down the already low council taxes of a generally well off community.”

Add your comment

Members of Orpington Labour Party can comment on this post.

If you have registered with the Orpington Labour Party website, please Login with your Username and Password. If you are not yet registered, please send an email with your full name, address and party membership number to web@orpingtonlabour.org.uk.