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They were prevented from using the money until they had paid debts. This was supposed to stop the obvious abuse by councils that could otherwise take place. I'm not making a case for the success of the scheme.
For ineptitude, although it would be harder to prove that they are not inept. Hammersmith and Fulham mortgaged their graveyards and then used an interest rate swap with the yen which ended in disaster as just one tiny example. Housing Benefit fraud in Hackney council during the 90's. On a more personal level I spend a lot of time dealing with my local council and even if we provide them with money through grants for local infrastructure projects they can delay by months or even years, all the time the money sits in their bank account. Believe me these are just the tip of my own personal iceberg of inept/corrupt council stories.
Do you work for a council?
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Airhead
Er, no.
When RtB was extended and extensively promoted by Thatcher's government, councils were prevented from using the revenue to replace the housing stock (except under conditions which were deliberately set to prevent them being met). It was an ideological policy, nothing more, nothing less.
Evidence?
Thought not.