William Eichler 24 August 2018

Council to approve accounts after LOBO loan delay

Council to approve accounts after LOBO loan delay image

Lancashire County Council’s accounts are set to be approved after a temporary delay caused by a complex £50m loan deal.

Members of the Audit, Risk and Governance Committee deferred signing the accounts at a meeting last month because of concerns over a Lender Option Borrower Option (LOBO) loan taken out in 2010.

Due to the loan’s complexity, the external auditors, Grant Thornton, had to ask for more time to seek technical advice around the accounting treatment.

However, they have now agreed the council's accounts are in order, although they have asked that some additional explanatory notes be included in the accounts.

The council's statement of accounts are now recommended for approval at a meeting of the committee on Tuesday.

‘I am pleased that the external auditors have agreed that the accounting treatment we have applied to this particular loan since it was taken out in 2010 remains appropriate,’ said Angie Ridgwell, interim chief executive and director of resources.

‘It is good to be able to now sign off our accounts after this short delay.’

Research by Channel 4 Dispatches found that local authorities had taken up to £15bn in LOBO loans from private banks, which charge interest rates of more than 7% in some cases.

The campaign group Debt Resistance UK has characterised these loans as ‘toxic’ and called on residents to object to their use.

Time for a council tax precept to fund CCTV image

Time for a council tax precept to fund CCTV

The crisis in funding for CCTV systems is not being addressed by the government or the police and is leading to the curtailment of this vital service in local authorities across the country. How can we ensure that communities that want this service continue to receive it, asks Tom Reeve.
SIGN UP
For your free daily news bulletin
Highways jobs

Service Director – Development & Regulation

West Berkshire Council
Up to £96,585 per annum
We are looking for a candidate with the passion for place making and a successful track record in leading and developing large multi-service teams.  Newbury, Berkshire
Recuriter: West Berkshire Council

Mayoralty & Business Manager

London Borough of Richmond upon Thames and London Borough of Wandsworth
£41,292 - £50,034
The Mayoralty & Business Manager will be responsible for maintaining the reputation of both Mayoralties and promoting a positive image of... London (Greater)
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Joint Assistant Director - Communities and Wellbeing

Babergh & Mid Suffolk
£75,000
Babergh and Mid Suffolk District Councils are at the forefront of joint working and are a progressive award-winning partnership Ipswich, Suffolk
Recuriter: Babergh & Mid Suffolk

Procurement Networking Event

Essex County Council
Negotiable
Procurement Networking EventClosing Date
Recuriter: Essex County Council

Community Support Worker - Mental Health & Wellbeing

Essex County Council
£21057 - £27391 per annum
Community Support Worker - Mental Health & WellbeingFixed Term, Full Time£21,057 - £27,391 per annumLocation
Recuriter: Essex County Council

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue