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Council. Full Council sets the budget and council tax and approves major plans.
Minimum Revenue Provision Policy for 2023/2024
RESOLVED: That the Minimum Revenue Provision Policy for 2023/2024 (as set out in paragraph 3.5 of Appendix A of the Report), which included the following, be approved:- (i) Right of Use Assets (formerly Finance and Operating Leases) – Minimum Revenue Provision charge is equal to the element of the rent charge that goes to write down the Balance Sheet Liability (except for long life right of use assets). (ii) All other Assets (including Private Finance Initiative Assets and long life right of use assets) - adoption of Option 3 - Asset Life Method. (iii) Minimum Revenue Provision will commen…
Council. Full Council sets the budget and council tax and approves major plans.
Minimum Revenue Provision Policy 2024/25
Councillors approved the Minimum Revenue Provision (MRP) policy. MRP is the yearly sum set aside to repay money borrowed for capital spending. The policy has three parts: the charge for right of use assets equals the lease payments that reduce the balance sheet liability; all other assets use the asset life method; and charges start the year after an asset becomes operational.
Items are linked when their titles share most of their words and they fall within 18 months of each other. Councils don't number reports across meetings, so a few links may be wrong, and a step may be missing if its title changed a lot. Each step links to the meeting, where the council's own papers are.