• The York Council had a gross expenditure of £582.4 million during the last financial year. Of this £79.9 million (14%) was spent on Adult Care services. The amount spent on Social Care increased from £44,731M in 2010/11 to £57,534M in 2011/12 (+29%)
• The Council now has reserves (balances) of £53.9M . General balances stand at £13.4m although some of this is held by individual schools. The Councils useable (General Fund) balances reduced from £7.3 million when the Liberal Democrats left power to £6.4 million after Labours first year in office. The prudent minimum required balances are calculated to be £6.2 million.
• The Council owed around £133 million when the Liberal Democrat Leadership ended in May of last year. This debt had increased to £262.5M within 12 months of Labour taking control of the Councils finances. Of this increase, £121M was the result of Council house debt being transferred from central to local government. This debt will be repaid from rent surpluses (instead of the housing account being creamed off –see below*). York could be completely free of historical housing debt in about 20 years…. less if some of the housing account reserves are used to repay the borrowing.
• The Labour Council has increased the maximum that can be borrowed by the Authority from £192M to £327M. The average rate of interest on all long-term loans at 1 April 2011 was 4.223% and at 31 March 2012 was 3.881%.
• The Council paid over a record £7.726m “tax”* from Council house rents to central government last year. Rents had been increased by 6.4%. There was a surplus on the HRA of £10.811M at the year-end, which is an increase of £1.491m from that originally budgeted for.