As has been well publicised, Barnet Council has £27.4 million invested in banks in Iceland. This has led to much concern amongst residents of Barnet, given the financial situation across the world and in Iceland and the UK in particular.
Next week, the Council's Cabinet will be discussing the issue. Ahead of this meeting, a paper has been published on the Council's website which helps to explain the situation. http://committeepapers.barnet.gov.uk/democracy/reports/reportdetail.asp?ReportID=7341
There has been much debate about whether the Council should invest it's income in bank accounts and the paper helps to outline the wider circumstance's on why this has been done, which has helped over previous years to increase the Council's income. This has therefore helped to maintain the level of services, while not having to raise Council Tax even more then it has increased.
Following the Cabinet meeting next Wednesday on 23 October. There will be an Extraordinary Council meeting at 6:30pm on Tuesday 4 November at Barnet House, to discuss this issue.