£60m of city assets sold off in past four years
MORE than £60 million of city assets have been sold off by Swansea Council over the past four years.
The shock figure includes the proceeds from sales of Gowerton Magistrates' Court, Dynevor and St Thomas schools, and the former Barons nightclub, and has been revealed following a Freedom of Information request to the authority.
The request, which was submitted to Swansea Council by the Assembly's Members Research Service, revealed that over the period 2004/05 to 2008/09 the total proceeds from the sale of these assets was £60.7 million; £31.4 million related to the General Fund, and £29.3 million to the Housing Revenue Account.
Andrew Davies, AM for Swansea West and Assembly Government Minister for Finance and Public Service Delivery, said: "I would like to challenge council leader Chris Holley to ask how his council has spent this £60 million raised from selling off Swansea's family silver from under our noses."
But Councillor Holley defended the sale of assets. He said: "I am sure Andrew Davies will have realised that the housing revenue accounts which we have raised through the selling of assets, which accounts for £29.3 million, is ring-fenced so it can only used for housing revenue account. So his accusation of more than £60 million is obviously wrong, and only half of that can be used for the general capital accounts."