IT would pay for three new secondary schools, provide nearly 5000 new care workers, or repair over two million pot holes on the city's roads.
More than £92 million is presently owed by Edinburgh residents in unpaid council tax, with some debts stretching as far back as 1996, when the local authority was formed.
Over £14m is outstanding from last year alone – the second highest amount in
Scotland, and the third highest in the UK.
According to the GMB union, which published the figures, this money is "urgently needed by councils to provide necessary services, particularly to the elderly and vulnerable".
City finance leader Gordon Mackenzie, right, agrees, and today vowed to chase those who refuse to pay tax "for ever and a day".
Several attempts to improve collection rates have been introduced in recent years, and the level did reach a record high in 2007-08. However, at 93.1 per cent, that still equates to 12,000 people who did not pay a penny.
The GMB figures were published just days after the SNP Government announced its legislative programme for the coming year, including its flagship policy of a local income tax.
According to Nationalists, scrapping the "unfair" council tax would reduce problems of non-payment, as money would be collected directly through the income tax system.
Joe Fitzpatrick MSP says: "Councils across Scotland are currently owed £112m in council tax arrears for the last year alone.
"For the councils, this is a black hole they now have to struggle to fill by employing sheriff officers to chase arrears – often from people who will be financially struggling to meet these payments.
"Instead of leaving individuals to navigate the often complex council tax system themselves, and leaving councils with the long-running problem of collecting arrears, the SNP's proposals will ensure those who can afford to pay will pay – and that there will be no need for people to navigate the bureaucratic nightmare of paying council tax any more."
Yet according to finance leaders in the Capital, collection rates are actually much lower when it comes to income tax.
Across Scotland, residents were issued with council tax bills worth a total of £1.94 billion last year, and they paid £1.83bn.
That represents a collection level of 94.2 per cent.
In 2006-07, Her Majesty's Revenues and Customs (HMRC) collected £125bn in income tax and £85bn in National Insurance contributions through Pay As You Earn (PAYE).
Yet according to recent estimates, each year the department may not be pursuing some £880m of tax due.
In his response to the consultation on a local income tax (LiT) for Scotland, the city council's director of finance, Donald McGougan, says: "It should be noted that ultimate collection levels for income tax are substantially lower than for council tax.
"It is likely that LiT collection rates will be more in line with income tax, so a much higher bad debt assumption will need to be built into the yield estimates."
Councillor Mackenzie, who as a Lib Dem politician supports a local income tax – but set locally – also says it would be "difficult to argue" that collection rates would improve.
Mr McGougan adds: "Millions are owed by people who can afford to pay (council tax] but have chosen not to.
"This is unfair on the majority of residents who do pay and means the council has less to spend on services for the people of Edinburgh.
"It's only right that we make moves to recover that debt as quickly and as cost effectively as possible.
"Our collection rates continue to improve and I'm confident that recent changes in our procedures will maintain that trend."
In 2003-04, the council's collection rate hit a record low of 87.6 per cent. Since then, the level for that year has risen to 94.9 per cent, as the council and sheriff officers catch up with non-payers.
Similarly, since March 31 last year the council has collected another £5m – taking its collection rate for 2006-07 to 94.2 per cent.
The improvements have resulted from improved and faster debt recovery, together with an increase in direct debits.
The council hopes to bring about further improvements in the collection rate by reducing the number of stages involved in enforcement.
If a payment is missed, the reminder issued will now also serve as a final notice and unless the money is paid immediately, the account will automatically be passed to sheriff officers.
Cllr Mackenzie says: "We also still chase people for poll tax – and we will be after them for ever and a day."
Around £73m in unpaid poll tax is still owed by Edinburgh residents.
Citizens Advice Scotland recently urged councils to consider writing off very old debts, claiming many cases are disputed.
However, Mr McGougan says since 1996 the council has collected £69m from those still due to pay the charge, and has declined to write off the remaining money.
Regardless of the fairness of any tax system, it is right to chase up those who refuse to pay.
Their selfishness is simply adding to the pain of Edinburgh's most vulnerable citizens during the current climate of sweeping service cutbacks.
