The
Senior Finance Manager (Client) presented a report on Contingencies
and Reserves of the Trust.
The
Committee noted that this was a follow up report from March 2017
which outlined the background to the current financial position and
set out a future projection of resources that were likely to be
available.
It was
noted that the projection set aside £421,000 in the first
five years to meet the costs of the proposed capital programme for
the Café.
The
Senior Finance Manager advised that in his opinion the current
reserves of £150,000 were sufficient but the level would
continue to be monitored.
The
Committee were mindful that costs were continuing to rise and felt
that they would prefer to see the contingency for unexpected events
topped up to ensure that sufficient
funds were maintained.
RESOLVED: That the allocation of future surpluses as
outlined in Section 4 of the report of the Director of Finance and
Business Improvement be approved.
Voting:
For: unanimous