The report of the Leader of the Council seeking Cabinet approval to create a specific reserve for ‘Icelandic Impairment Revaluation’ and to transfer £473,726.26 to that reserve for the year ending 31st March 2011 was considered.
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RESOLVED |
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That Cabinet gave retrospective approval for the creation of the Temporary Reserve for ‘Icelandic Impairment Revaluation’, required as part of the finalisation of the 2010/11 accounts resulting from changes to Icelandic Banking impairment valuations, in the sum of £473,726.26, as detailed within the body of the report.
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(Moved by Councillor D Cook and seconded by Councillor J Garner)