who gets the money now?

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Monkey Magic
Sunday 9 June 2002 6.23pm
I may be wrong, but a long while ago, Southwark Council got a whole load of SRB money from central government, as payment for the elephant redevelopment. Now that it has gone belly up, what has happened to this money (which is afterall our money in the end of the day)? Does it sit in Southwark council's bank accounts gaining interest, or is it still with central government? And if Southwark council doesn't get the money now (or the interest off this money), who does get the interest off this money? Sorry to sound so confused, but I was hoping someone could inform me, because the figures touted around at the time were many millions of pounds, which presumably would earn a little bit of cash for someone in a high-interest savings account. I just wonder who that someone is. I am not suggesting foul-play, I merely was wondering who gets the cash in the mean time, until they sort out the mess. Presumably it goes back to the Chancellor?
Monday 10 June 2002 11.11am
Would they have received the money before they actually commenced? Where would this sort of information be kept at the council.....
Monday 10 June 2002 7.04pm
Monkey Magic

Your questions raised some important points which certainly worried me and I'm happy to be able to report that my own concerns have been now been completely resolved.

The E&C SRB was allocated in 1999 with a 7 year life-span. The Council acts as 'banker' to the programme, paying the money out against pre-agreed objectives and targets. The funds are re-imbursed to Southwark Council by the London Development Agency, who monitor the the performance of partnerships across London. Failure to deliver against the agreed targets, objectives or schedules, can mean resources being withheld and possibly re-allocated to other priority areas. I'm sure that the Council would like to have been given 25M in 1999 but sadly it doesn't work that way.

A large chunk of the 25M (about 10M) was focussed on transport and infrastructure which has now been delayed by the SLR situation. But the balance (allocated to local social, community, business support, education, employment and environmental projects) is spending in accordance with the agreed programme.

For me, the most exciting part of the E&C programme is the way that transport will be handled around the E&C area. The Council is undertaking a major study of the issues and I will be very interested to see what is proposed.

I understand that you can get more information about the current situation at www.elephantlinks.co.uk

Regards

Niall Connolly
John M
Monday 10 June 2002 9.20pm
So, there is no truth in the rumours currently going around our block, that someone has done a runner with a lot of this cash then? I know you shouldn't believe rumours, but there are some around here who apparently have connections with the organisations involved in the original proposals, and have said that they have nicked the cash. All that really annoys me is that I am now going to have to wait even longer for a decent flat to live in. If the council has the money, why the hell don't they just get on and sort this mess out? Normally their excuse is that they don't have the cash to do anything, but maybe if they actually spent this cash on rebuilding the housing in Elephant asap, they wouldn't keep on finding out that people had nicked it. I hear that the best part of a million pounds has been nicked so far.
N
Tuesday 11 June 2002 9.35am
SRB is managed by the London Development Agency (part of the Mayor's empire) and is dished out to various people, in this case Southwark Council. But the money is given with strings attached - mainly to make sure the money is
spent properly and well - it is after all ours.

None of it goes back to the Chancellor. Although I think ultimately if after 7 years they still havent managed to spend it it could. But it would be more likely that by then the LDA would have given up and decided to spend it on something else, somewhere else.

Sadly with Southwark Council in charge the chances of a complete cock-up for years are very high. Its pretty symptomatic of them that despite having a lot of public money, and a lot of political and private backing they've still managed to mess the whole thing up. When will they stop putting their egos first, and put the interests of the Borough first instead?
Mark
Tuesday 11 June 2002 9.20pm
Hi, John-
I\'ve heard the rumours too, but not surprising, really cos I think we live in the same block together!

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