CROYDON IN CRISIS: There’s no mention of it on the agenda for tonight’s meeting of the full council. But official council reports show that the borough’s Housing Revenue Account has debts of £322.5m.
EXCLUSIVE by STEVEN DOWNES

£2bn of debt: the council’s debts are nearly 20% higher than previously suggested
It is a single line, the very last line, on the fifth page of a five-page presentation made by council officials this month.
The Housing Revenue Account, the ring-fenced council fund that pays for repairs and maintenance and new council homes, the official report states, “currently has borrowing of £322.5million”.
No further explanation is offered.
That’s another one-third of a billion pounds of debt at Croydon Council, in addition to the £1.6billion that the authority under Tony Newman and Alison Butler managed to accrue in their six years in charge from 2014.
The bombshell £322.5million figure comes at the end of a council report which was delivered earlier this month, attempting to explain “How is money being spent” in the HRA. The report was delivered alongside a second presentation that consider the real possibility that Croydon’s council tenants could face rent hikes of as much as 11per cent from next April.
The HRA report shows that the council’s housing fund operates on a balanced budget projected to be £91.24million of spending in 2023-2024, funded mostly by the £81million of income it receives from tenants’ rents. Continue reading

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