Agenda to be set on finances

LISMORE councillors will tonight consider how to pay for services over the next 12 months and the council’s four-year plan.

Mayor Jenny Dowell said councillors ‘will look at how we can meet the community’s priorities in a planned, co-ordinated and cost effective manner’.

The workshop, which will hear from community groups on what services need funding, will also discuss fees and charges for next financial year.

“We are very aware that the community is facing significant increase for waste water and wastewater services for 2010/2011,” Cr Dowell said.

However, she said these increases were primarily due to State Government charges.

The workshop comes the day after councillors were to be told at their monthly meeting last night that more than $59,000 in US investments is likely to be lost following the collapse of US investment fund AMBAC Assurance.

“Due to the default of AMBAC Assurance, council has experienced a loss in subordination of four CDOs (Collateralised Debt Obligations) with a total loss of principle expected for Torquay,” the report to council said.

Still, in a rare win to wind back losses from the Federal Government approved but failed foray into the US money market, Lismore Council is set to get some money back from its investment in the collapsed Lehman Bros Australia.

After Lehman Australia was placed in liquidation, up to 56 councils including Lismore launched a class action to try and get a better return from the failed investment.

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