HeliX Posted December 1, 2022 Share Posted December 1, 2022 1 hour ago, offshoremanxman said: It’s a bit like me saying oh shit I re-mortgaged three times when interest rates were really low and now I need someone else to contribute to my mortgage for me as I can’t afford to service the debt. A landlord, then. 2 Quote Link to comment Share on other sites More sharing options...
StCatherine Posted December 1, 2022 Share Posted December 1, 2022 (edited) Port Erin By-Election is turning into a battle between those who want to spank ratepayers money in the cosy nook and those who don’t. Funnily enough most of those in favour don’t have to pay for it. The chap who runs the save the cosy nook facebook pages has gone full accidental Partridge. Well worth a look. Edited December 1, 2022 by StCatherine Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted December 1, 2022 Share Posted December 1, 2022 25 minutes ago, Dirty Buggane said: Especially DBC need to stop spunking hundreds of thousands of pounds. Stop this waste on a fucking mood garden, buy some lights that are just lights not expensive shite ,oh but we can control the colour by special nodes controlled from a centre on the mainland. Light/clean the streets, empty my bin once a week fuck every thing off for the next five years. Simples There are a number of Town Halls and LA'S who can start to make some cutbacks in their hierarchies. Jobs for mates that can go. Some of these people aren't even recruited via proper procedures yet the ratepayers are obliged to fund their not inconsiderable salaries in some instances. High time the axe was swung on these superfluous personnel. 2 Quote Link to comment Share on other sites More sharing options...
0bserver Posted December 1, 2022 Author Share Posted December 1, 2022 19 minutes ago, StCatherine said: Port Erin By-Election is turning into a battle between those who want to spank ratepayers money in the cost nook and those who don’t. Funnily enough most of those in favour don’t have to pay for it. The chap who runs the save the cosy nook facebook pages has gone full accidental Partridge. Well worth a look. I like the way his group, considering the passive aggressive posts and sense of entitlement to rate payers cash, is titled Please Save the Cosy Nook Quote Link to comment Share on other sites More sharing options...
Banker Posted December 1, 2022 Share Posted December 1, 2022 55 minutes ago, offshoremanxman said: But surely most LA borrowing is internal borrowing so why have the rates gone up? Government is lending them the money from our money. No they borrow externally, think HSBC but maybe against government covenant. A lot of cost will be wages uplifted 6% plus extra pension costs, NI etc so say 8% minimum. Will they cut staff costs in office etc?? NO 1 Quote Link to comment Share on other sites More sharing options...
0bserver Posted December 1, 2022 Author Share Posted December 1, 2022 3 minutes ago, Banker said: No they borrow externally, think HSBC but maybe against government covenant. A lot of cost will be wages uplifted 6% plus extra pension costs, NI etc so say 8% minimum. Will they cut staff costs in office etc?? NO This is how I understand it. They borrow externally. It would be interesting to know the accumulated total debt held across all local authorities. I bet the amount it eye-watering. Quote Link to comment Share on other sites More sharing options...
Banker Posted December 1, 2022 Share Posted December 1, 2022 1 minute ago, 0bserver said: This is how I understand it. They borrow externally. It would be interesting to know the accumulated total debt held across all local authorities. I bet the amount it eye-watering. It will be in annual IOMG consolidated accounts if any body is interested Quote Link to comment Share on other sites More sharing options...
Andy Onchan Posted December 1, 2022 Share Posted December 1, 2022 1 hour ago, 0bserver said: It doesn't matter if it adds 50p or £5k. All capital spending needs to stop. That's why in the economic dashboard thread I asked how much cash do we have. Capital projects still need to be paid for in hard cash. Cash that could be used for essential services. I really couldn't give a sh1t where it sits in the accounts... once it's gone it's gone never to be seen again. 1 Quote Link to comment Share on other sites More sharing options...
Cambon Posted December 1, 2022 Share Posted December 1, 2022 Surly borrowing costs are going up for new loans. Existing loans will still be at contracted fixed rates. So if they don't take out any new loans, jobs a goodun! 2 Quote Link to comment Share on other sites More sharing options...
Banker Posted December 1, 2022 Share Posted December 1, 2022 17 minutes ago, Cambon said: Surly borrowing costs are going up for new loans. Existing loans will still be at contracted fixed rates. So if they don't take out any new loans, jobs a goodun! Assume some is on variable rates & if some fixed loans are maturing then need replacing at higher rate. IOMG got a long term rate of 1.625% on their green bond last year which is a great rate Quote Link to comment Share on other sites More sharing options...
offshoremanxman Posted December 1, 2022 Share Posted December 1, 2022 1 hour ago, 0bserver said: This is how I understand it. They borrow externally. It would be interesting to know the accumulated total debt held across all local authorities. I bet the amount it eye-watering. I’m sure Douglas was something like £60M Quote Link to comment Share on other sites More sharing options...
Major Rushen Posted December 1, 2022 Share Posted December 1, 2022 Why don’t they offer bonds to local residents? Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted December 1, 2022 Share Posted December 1, 2022 6 minutes ago, Major Rushen said: Why don’t they offer bonds to local residents? Jebus, don't give them ideas. Most of them can't manage the money they've got. What with endless pay offs to "bullied" officials (and attendant legal expenses), Town Clerks running amok with delusions of property investment and jobs for mates, buying up white elephants and all the other mass squandering that goes on, the last thing they need is another revenue stream to piss against the wall. Quote Link to comment Share on other sites More sharing options...
Gladys Posted December 1, 2022 Share Posted December 1, 2022 1 hour ago, Major Rushen said: Why don’t they offer bonds to local residents? I think they used to, but possibly stopped due to financial regulation. I am talking about a very long time ago, as I seem to do nowadays. Quote Link to comment Share on other sites More sharing options...
genericUserName Posted December 1, 2022 Share Posted December 1, 2022 8 hours ago, snowman said: MERGE THEM TO REDUCE COSTS It's typically Douglas ratespayers who whine that the authorities should be merged or that we should pay an all island rate. But there really is no reason why the whole island should fund Douglas. Douglas already does very well from all the businesses which are based there - people coming in to Douglas to work at or use those businesses are already therefore subsidising Douglas rate payers. If you feel that your authority is charging rates which are too high then vote in some different councillors / commissioners. 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.