Audit Committee earlier today did actually throw up one important clarification about current Council debt levels - its all buried within the Unaudited Financial Statement for 2010/11 ...
... City of Edinburgh Council currently has almost £1.3billion of debt - yes, that's billion
... which is eating up over £100million EVERY year to service
... that's some 10% of the existing revenue budget servicing Council debt
That's right - 10% of the day-to-day budget of the City of Edinburgh Council is being spent on servicing debt and not directly on delivering services.
Pretty shocking really - I'm frankly amazed more attention isn't being paid to this issue?