The shock figure includes the proceeds from sales of Gowerton Magistrates' Court, Dynevor and St Thomas schools, and the former Barons nightclub.

The money comes from the sale of land and buildings, but also from leases and other variations, and has been revealed following a Freedom of Information request to the authority.

But the final figure for the revenue from the sale of assets is likely to be even higher.
A first request for information about the sale of all assets was unsuccessful, because the authority claimed it would run into "many hundreds of items", as it would include proceeds from the sale of houses and flats under the right to buy, sales under the leasehold enfranchisement legislation, and disposal of small parcels of land for garden extensions.

The request, which was submitted to Swansea Council by the Welsh Assembly's Members Research Service, revealed that over the period 2004-05 to 2008-09 the total proceeds from the sale of these assets was £60.7 million; £31.4million related to the General Fund, and £29.3 million to the Housing Revenue Account.

Andrew Davies, AM for Swansea West and Assembly Government Minister for Finance and Public Service Delivery, said: "Once I discovered the scale of the sale of the City's assets I must say I grew concerned.

"Only this year Chris Holley, the Liberal Democrat Leader of Swansea Council, told me that Swansea faces a bill of £146 million in order to bring our city's schools up to scratch.

"So I would like to challenge Councillor Holley to say how his Council has spent this £60 million raised from selling off Swansea's family silver from under our noses.

"Councillor Holley and the Cabinet Member for Finance Stuart Rice need to explain to the people of Swansea exactly where their money has gone."

The news has also been greeted with surprise by campaigners fighting to keep open some of the city's schools.
Swansea Council has decided to press ahead with the closure of the three city primary schools - Cwm, Arfryn and Llanmorlais, under its Quality in Education (QEd) 2020 programme, aimed at in part at meeting an estimated £146 million bill to repair its school buildings.

Parent, and vice-chair of Llanmorlais school governing body Caroline Griffiths said: "What can be more important than the education of our children across Swansea that can account for the disappearance of more than £60 million from the Authority's coffers?

"Closing three primary schools will not scratch the surface of the Authority's £146 million backlog; £60 million would make an enormous dent in it."