Councils can pay their bills

I asked Wokingham Borough this week if they have sufficient cash to meet their payments. The Leader of the Council said their financial position is strong and they can pay all their bills. I am not therefore pressing for emergency facilities for them which the government has promised for cash strapped Councils. I have not heard of any problems at West Berkshire either.

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One Comment

  1. nhsgp
    Posted April 18, 2020 at 11:33 am | Permalink

    Looking at the Berkshire Local government pension fund accounts, then they are completely cash strapped.

    1. They assume returns in investments which are unsustainable.

    If we take 31 March as the valuation date

    Assets 2,081.944 million
    Liabilities 4,412.936 million.

    Those assets have just crashed. (Are you sure – bonds have probably done quite well, do you know the portfolio exposures ed)

    Why do you believe they have a strong financial position (etc ed)?

    Report is here

    http://www.berkshirepensions.org.uk/downloads/file/370/annual_report_and_accounts_20182019_-_part_1

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    John Redwood won a free place at Kent College, Canterbury, and graduated from Magdalen College Oxford. He is a Distinguished fellow of All Souls, Oxford. A businessman by background, he has set up an investment management business, was both executive and non executive chairman of a quoted industrial PLC, and chaired a manufacturing company with factories in Birmingham, Chicago, India and China. He is the MP for Wokingham, first elected in 1987.

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