In the SBC budget papers published on the internet, under the capital bit it points out that the 4 million loaned to SCS on 1st Jan 2010 has not been paid back as expected. I think in the leaders Christmas speech there was much waxing of SCS according to the papers they have not been able to meet the terms of the loan, It notes that they have paid back a significant amount, how much is that?
The council is a shareholder and if it is loaning money to businesses that it is a shareholder in should it not report in more detail the terms of the loan and the amout paid back and what is being done if it is not being paid back as per the loan agreement.
Also should it not be a decision taken before the council to vary the terms of a loan as it council tax payers money that pays for borrowing to meet capital borrowing. Interest paid on money outstanding, council tax reflects that interest payment dosen't it?
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