So how can this be? Didn't the city council promise that there would be no extra cost to Liverpool's council tax payers when it first drew up the bid for Culture?
Well, yes, it did. But things have changed now apparently. Through a spectacular mixture of sheer incompetence, obscene profligacy and rank arrogance the city council has contrived to find itself £29million short of balancing its books.
The lion's share of this - £22million - is for Culture, which is currently spending money on 'who knows what' like it is going out of fashion. The city council needs another £7million just to maintain the existing level of poor quality council services. Total = £29million.
The solution offered by the smiling assassin Hasitall (Phil Halsall, £169,000 a year Executive Director for Finance for those who don't know, ed) whose stewardship of the council's finances is may conceivably be to blame, is to beg, steal or borrow the necessary spondulicks from elsewhere. Any suggestion that, as the responsible officer, he had been criminally irresponsible with the city's finances would be criminally irresponsible, of course.
The council can either beg the Government for more dosh (and get lost, ed), it can steal the money from council taxpayers (already done that several times, ed) or it can borrow.
So it will do a combination of Options 2 and 3, while Warren 'I'm just a fireman' Bradley indulges in the distraction of the usual Lib Dem knockabout stuff aimed at the Government.
Meanwhile the city council will re-mortgage buildings like Millennium House (used to be known as Jase's Fun Palace, ed) and take out some more mind-boggling loans.
Either way, the result will be very clear.
Capital of Culture will leave a post-2008 legacy for the people of Liverpool of a huge new £29million debt. That works out at £400 for every home and business in the city. So we will all be in hock.
And all the time, the consultants and the highly paid Executives will have been happily lining their own pockets, thank you very much. And producing nothing very impressive for 2008 in return.
All of which puts McElhinney's Liverpool Direct scandal, Henshaw's bumper pension pay-off, the jobs for the boys, the £3million Summer Pops fiasco, the astronomical salaries, the foreign trips, the criminal pay-offs, the consultants fees, the freeloading, the waste and the neglect all in a bit more perspective doesnt it?