Otterpool Park hasn’t cost anything says Cllr David Monk
More lies again in the Council Chamber last night at full Council, and this time by Cllr David Drury Monk (Con) – the Occupational Therapist – and leader of Folkestone & Hythe District Council.
He stated that “the Otterpool scheme isn’t costing us money today.” Now given the Capital Strategy 2022/23 states:
The main capital investment projects include further expenditure on the Otterpool Park Garden Town Development (£9.4m)
There is a net cost being incurred for the land and property acquired for the Otterpool Park development, mainly due to capital financing costs.
Our Council like any other council can access capital finance for infrastructure
investment from a number of sources, but borrowing is the most common of
these. And our Council has borrowed £35 million to date to finance the development of Otterpool Park, and that debt needs to be paid.
Debt is only a temporary source of finance, since loans and leases must be repaid, and this is therefore replaced over time by other financing, usually from revenue which is known as minimum revenue provision (MRP). A simple way to understand MRP is the amount a council has to set aside from its day-to-day budget to repay the money it borrows. Given that, the Otterpool Scheme is costing us money from the budget, regardless of Cllr Monk’s ignorance about the accounts.
This means, the Otterpool Scheme is costing us money today. So Cllr Monk really should read the papers rather than spout utter rubbish and deliver misinformation and lies to Cllrs and residents when addressing us all, about Otterpool.
This is a complicated area. May I suggest a cloud spreadsheet to place all figures and with assistance from those knowledgeable build a holistic picture re cash flows and asset values over time.
The trouble with “any name but his” is that it dilutes the vote against him, rather than strengthen it. What is needed is a solid candidate who represents all the ward, rather than just Monk’s cronies.
So complicated that even the person leading the project doesn’t understand! Monk even contradicted himself in the same sentence. He’s spent millions on the project already just on consultants.
Well done Cllr Treloar for standing up against Monk who is clearly living in a World that is far from having any relationship with reality.
Monk’s response was rambling and full of biased personal opinion – hardly what the community expects from a leader of a council.
He has clearly run out of steam: Otterpool Park is already on shaky foundations, particularly the part that will be built near to those pesky tunnels.
Could you explain more about the tunnels. I am curious and would like to know more
Obviously Monk as an Occupational Therapist has learnt the art of massaging.
Yes massaging the figures .
If the Council has already spent money on land acquisition and consultancy fees it cannot be wished away by making flippant statements that the Otterpool scheme is not costing us money today.
Equally, money that has been borrowed will at some point need to be repaid and the debt plus interest costs need to be included as a liability in the Council’s accounts. For David Monk to pretend otherwise only serves to demonstrate that he is the person who is not living in the real world!
Application made by Ms Poppy Carmody-Morgan
Yes, Poppy works for Quod.