Council Tax Contradiction

On the news tonight, one of the headlines was that the Government was only going to give a very low increase in funding to local councils... the councils' response was that either they increase council tax or there will be cuts in funding for local services etc. as there will be a massive shortfall... but hang on a minute!... What was all that about recently when lots of these councils said they had 10's of millions invested in foreign banks... all this spare surplus cash sitting there making interest. Are we mugs or am I missing something?? Where is all this invested cash??? (okay maybe not the Icelandic dosh) Why can't they draw this out and spend it on services. I think someone is taking the p*ss out of us...

Rant over