Senior Accountant : Don Bates

Meet Lancashire's "Billion Dollar Man". On any given day, Lancashire County Council has approximately £500m of your money invested until it is needed for services. Timing is crucial in investing and borrowing. Don’s good sense of timing saves hundreds of thousands of pounds per year - money that supports public services and keeps down Council Tax bills…

What does your job involve?

It is about managing money wisely. The council has savings and borrowings. We borrow money for capital projects, such as building new schools and waste recycling centres. They are things that will last for generations, so we can't expect the cost to fall just on this year's tax payers. We also have money which is earmarked for something in particular but not needed just yet. We can invest that and offset the borrowing costs of the capital projects.

How much is involved?

On the average day we will invest anything between £500,000 and £80m. Borrowing rates have been relatively low recently and we have been able to borrow early and lend the money out at higher rates until we've needed it.

Is it risky?

All councils have to manage money sensibly. We also manage finances for the pension fund, the police and fire authorities.

We take advice from experts on the safety or otherwise of investment opportunities. Lancashire County Council's record is above the national average - the money we make is already supporting the county council's services.

What is the secret?

Good timing is the key. We may have money put aside for a major project, but we will know we will not have to spend it for some months. We may as well have that money invested in making more money. We review the amounts each day. It means we need to know what the money into, and the payments out of, our account will be each day so we can decide what we can invest and how long for. It is like a huge and more complex household budget. The principle is the same.

What are the "profits" used for?

That is for elected councillors to decide. They can use the money to pay for services - or to offset against Council Tax demands. In reality, the money we make in good investments is used for a bit of both. It is good to think that some services, somewhere in the county are being provided for "free".