Council has more than £25 million investment cash in the bank

News from the Boston Standard, Lincolnshire: bostonstandard.co.uk, on Twitter @standardboston
News from the Boston Standard, Lincolnshire: bostonstandard.co.uk, on Twitter @standardboston

Accounts at East Lindsey District Council show more than £25 million in the bank – and bosses will use it to keep council tax bills down.

The latest tot-up reveals that the council holds £26.58 million in its investment coffers.

The money is mostly held in accounts with British banks plus the Nationwide Building Society – with the council saying its keen to keep it in a secure place where it is easily accessible.

Some councillors have called for more of the money to be invested in services and job-creation activity, but the administration’s policy is to use the interest to help keep a lid on council tax rises.

All but £970,000 has now been recovered by East Lindsey District Council from the £4 million put at risk by its investment – back in 2008 – in Icelandic banks that turned out to be unstable.

The Manby-based authority is hopeful of recovering further monies, plus interest, during 2013.

However, according to a report to councillors, there has been a hitch in recouping one tranche of £191,000 because of currency restrictions regarding the movement of Icelandic krona.

•For more news from East Lindsey and surrounding villages in the borough see our Neighbourhood section on pages 18-19. Here you will also find news from the clubs in the area.