1.5% Council Tax rise approved by Buckinghamshire County Council

At a meeting today, Thursday 13th February 2014, Buckinghamshire County Councillors have approved a 1.5% rise in their share of the Council Tax after approving a £332.7m budget for the year 2014/15.

The Council have stated the rise will protect key front-line services as well as a going towards a £65m investment in roads and pavements over the next four years.

County Councillors also heard an announcement from Peter Hardy, Cabinet Member for Finance and Resources, that the County Council has received £4.6 million or 93 per cent of the £5m funds that were originally deposited with Landsbanki Islands Bank in 2008.  This has been achieved by the County Council selling its claim against the insolvent estate of Landsbanki Islands through a competitive auction process.

The price at which the claim was sold was based on a reserve price set by the County Council on the basis of legal advice received from both external financial advisers Bevan Brittan and the Local Government Association, as well as the Council’s own analysis of the financial position. The proceeds of the sale were paid in cash and the funds have already been received.

Peter Hardy said: “We are obviously pleased that we have recovered the vast majority of our Landsbanki Islands deposit. The sale of our claim represents a clean break, and we are no longer a creditor of Landsbanki Islands.”