Plaid Cymru has promised that it will order an immediate review into the £180m hoarded by the council in useable reserves – if it wins next month’s elections.
According to financial accounts published by the council, the amount in reserves has risen by more than £40m between 2019-20 and 2020-21. Cardiff, a much bigger authority with a population of around 350,000, has £158m in reserves.
Councillor Colin Mann, leader of the Plaid Cymru group on Caerphilly council, said: “I’ve never had a proper explanation about why Labour-run Caerphilly feels justified holding so much money in reserves.
“What good is this money just lying in the bank? Some of it could easily be used on improving services to communities. People, who have seen their council tax rise by 40 per cent over a decade, would be justified in asking, what the heck is going on?
“If a Plaid Cymru council is elected next month, we will launch an immediate review of reserves with the aim of using some of the hoarded money.
“If this money is being kept for a rainy day then Labour councillors clearly haven’t noticed that is pouring on residents. What does Labour plan to do with these reserves – are they intent on building up money for money’s sake?
“Plaid Cymru has always believed that there are huge opportunities to invest to save. There is a complete lack of vision and council taxpayers really deserve better,” added Councillor Colin Mann.