Councillor B Lewis introduced a report, that had been circulated prior to the meeting, which recommended the approval of the establishment of a Feasibility Reserve, which would enable assessment and viability work to be undertaken on a number of Corporate, Investment and Regeneration initiatives that the Council was currently considering for delivery.
RESOLVED to:
1) Approve the establishment of a Feasibility Reserve of £2m which will be funded from the General Reserve; and
2) Delegate responsibility for the allocation of resources up to the value of £0.100m from the reserve to the Interim Executive Director/Executive Director – Corporate Services and Transformation in consultation with the Managing Director and Interim Director of Finance and ICT/Director of Finance & ICT, with amounts in excess of this to be approved by the Deputy Leader and Cabinet Member for Corporate Services and Budget.