Hastings District Council
Reserves Council Created Reserves The Council has created a number of reserves, commonly referred to as special funds, to set aside funds for various purposes (e.g. asset replacements, emergency funds etc). The Council sets aside and invests funds for these reserves with any interest earned on the investments being credited to the reserves. The major categories of Council created reserves are: Plant, Equipment and Vehicle Replacement Funds are set aside to provide for the ongoing replacement of operational assets such as essential plant, vehicles and equipment. Property Maintenance and Improvements Funds are set aside to maintain and enhance existing Council assets and also to provide funds for new projects such as motorway linkages. General Purpose Reserves Each of the Council’s rating groups has a general purpose reserve. Any year end balance for the rating group is placed into the general purpose reserves to enable the use of those funds to be debated at the next budget round. It has been the practice of Council to use the general purpose reserves to either reduce debt or to reduce the rating requirement in subsequent years. Emergency Funds Council has set aside funds to assist in the event of an emergency. Purposes for which funds are currently set aside are flood damage and rural fire. Effluent Disposal Council operates an effluent disposal scheme together with major users. Each year funds are placed into a reserve for the maintenance of the scheme with funds withdrawn to fund major works. Sundry Reserves This represents a number of other reserves set aside for various purposes. Separate Rates Reserves This represents the balance of funds collected from various targeted rates which have not yet been spent.
Restricted Reserves These are reserves, the use of which is restricted by some external force, e.g. trust deeds or legislation. Trusts and Bequests are funds which have been bequeathed to Council for specific purposes. Funds are separately invested with the interest earned on these investments added to the balance of the various special funds. Reserve Purchase and Development Funds are funds which have been levied on subdivisions under Section 274 of the Local Government Act 1974.
Annual Plan 2013/14
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