Clause 17 - External funds
Local Government Bill
2:30 pm
Mr Robert Syms (Poole, Conservative)
This is a small point. The Minister may wish to write to members of the Committee to set out the situation. I would be generally interested to see how often it occurs. Is it purely a housekeeping measure or is there a general application? The subsection reads:
''the temporary use by a local authority of money forming part of an external fund, if not for a purpose of the fund, shall be treated as borrowing by the authority''.
How often is money borrowed from pension funds and how is ''temporary'' defined?