Posts tagged ‘bonuses’

Vampires seek more blood…

Camden residents of properties in the higher council tax bands are probably well used to receiving begging letters from organisations asking for money. They may however be about to get a new one – from the council.

In addition to the £2,662.70 (£2,043.06 to Camden, £619.64 to the Greater London Authority) that they paid in council tax in 2010/11, the council is considering asking richer residents to donate up to 5% of their annual bonuses to help the council bridge the estimated £100 million gap between their income and their expenditure over the next three years.

And what might this scheme raise?

The paltry (in terms of their overspend) sum of £0.5 million – or 0.5% of the shortfall.

Really worth the effort, not.

So, how much does Camden Council spend?

In the accounts for 2009/10 (the last year available on their website) they spent £1,130.66 million.

If one is to make the (very unlikely assumption) that over the next three years they spend the same amount of money each year then we are talking a sum of £3,3391.88 million. A £100 million shortfall over the same time therefore works out as only 0.3% of that. Even if we are to say that it is the shortfall each year we can still only up to 0.9%..

Are Camden council therefore really saying that they can’t save less than 1% of their budget?

On a final note, would these begging letters be sent to their CEO (salary £199,961 plus £11,481 bonus in 2009/10) or the ‘Director of Culture and Environment’ (salary £151,734 plus £8,712 bonus in 2009/10) or any other the other 15 officials whose total remuneration (excluding pension contributions) topped out at over £100,000? Assuming of course that these individuals actually live within the borough…