We congratulate NBC Chief Finance Officer for managing to keep a straight face!

Housing campaigners congratulate NBC Chief Finance Officer for managing to keep a straight face!ANGER

Northampton Defend Council Housing (NDCH) would like to know how the Chief Finance Officer managed to keep a straight face when he advised councillors that 70% from right to buy sales must be given to the Government.

 

 

 

Norman Adams said “Only 22.65% has gone to the Treasury…

Since 01 April 2012, receipts arising from the sales of dwellings made by local authorities under the Right to Buy have been divided into the following six elements:

  1. transaction costs (retained by the authority);
  2. allowable debt (retained by the authority);
  3. local authority share (retained by the authority);
  4. Treasury share (paid to the Treasury);
  5. buy back costs (retained by the authority); and
  6. 1-4-1 receipts (retained by the authority subject to conditions)

 

Since April 2012 to end June 2016 the authority in this instance Northampton Borough Council have recorded (via FOI responses) the following:

transaction costs (retained by the authority); £465,400 [2.68%]

allowable debt (retained by the authority); £5,909,096 [33.99%]

local authority share (retained by the authority); £1,634,230 [9.40%]

Treasury share (paid to the Treasury); £3,938,035 [22.65%]

buy back costs (retained by the authority); £241,716 [1.39%]

1-4-1 receipts (retained by the authority subject to conditions) £5,198,095 [29.90%]

Norman Adams – Northampton – October 2016

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