£1.5m is to be paid to Cumbria County Council as a result of the recent settlement between Cumbria Waste Management and DEFRA.
County Council Leader Tim Stoddard says:
"The settlement between Cumbria Waste Management and DEFRA is welcome news. As a result Cumbria Waste Management is able to pay two dividends to the county council:
- A preference share dividend of £135,000 due for this year; and a further preference share dividend of £45,000 when it becomes due on the 1st July.
- And in addition, an ordinary share dividend of £1.365m will also be paid."
For the moment at least, the dividend funding will be added to the council's General Reserves.The Council is still awaiting the payment of approximately £1.6m in respect of the work carried out on behalf of DEFRA by the Council's in house business, Cumbria Contract Services.