Pooled Fund. 9.1 Pooled Fund Agreement
Pooled Fund. 9.1 The Parties agree as follows:
Pooled Fund. Overspend and underspend procedures
Pooled Fund. 9.1 The financial arrangements between the Authorities for the delivery of the Integrated Service are detailed in Schedule 4 of this Agreement.
Pooled Fund. 4.1 The ‘Devon Pool’ proposes to distribute pooled funds using a “no worse off” basis. Funds will be distributed to each member authority to a position no worse than it would have been had the pool not existed. Clearly this will only be possible if the pooling arrangements result in an aggregate financial position that is no worse than would have been the case had the pool not existed. The annual Local Government Finance Review is expected to make available figures for the level of business rates revenue that each local authority is able to retain. Where those authorities are in a pool, this is expected to demonstrate both the revenue retained by the pool as a whole and the amount that each individual authority could expect to gain if it were not a member of a pool.
Pooled Fund. The Pooled Fund Manager shall ensure that any matters relating to the Pooled Fund, which may have a material effect on expenditure or income are identified and reported to the MG no later than 31st December for the following financial year’s budget. These matters, together with the planning assumptions and proposed budget variations referred to in above, are to be considered by the MG in its approval by 28th February of the budget for the following financial year. As part of the annual budget setting process, the Partners shall ensure that their managers provide advice as necessary.
Pooled Fund. The Pooled Fund Manager shall ensure that any matters relating to the Pooled Fund, that might have a material effect on expenditure or income are identified and reported to the Joint Management Board no later than 1st October for the following financial year’s budget as specified in 9.1 These matters, together with the planning assumptions and proposed budget variations referred to above, are to be considered by the Joint Management Board in its approval by 28th February of the budget for the following financial year. As part of the annual budget setting process, the Partners shall ensure that their managers provide advice as necessary.
Pooled Fund. 6.1 The Revenue Payments to be contributed by the Parties for the Financial Year beginning 1st April 2023 are set out in Schedule 3.
Pooled Fund. The Pooled Fund Manager shall ensure that any matters relating to the Pooled Fund, which may have a material effect on expenditure or income are identified and reported to the MG no later than 31st December for the following financial year’s budget. These matters, together with the planning assumptions and proposed budget variations referred to in above, are to be considered by the MG in its approval by 28th February of the budget for the following financial year. As part of the annual budget setting process, the Partners shall ensure that their managers provide advice as necessary. Financial Performance / Risk Sharing Arrangements The budget amounts contributed by the Partners to the Pooled Fund in the first Financial Year of the Agreement are set out further below. The Pooled Fund Manager shall report every six weeks to the MG on the information specified in Schedule 4 and according to the frequency for reporting described there. The Partners agree to provide all necessary information (as agreed by the MG) to the Pooled Fund Manager in time for the reporting requirements to be met. The Pooled Fund Manager shall ensure that action is taken to manage any projected under or overspends from the budgets relating to the Pooled Fund reporting on the variances and the actions taken or proposed to the MG. If at any time during the financial year a projected under or overspend on the Pooled Fund is forecast to occur, the Pooled Fund Manager will prepare an action plan to manage the under or overspend, for presentation to the MG at the next meeting of the MG. The MG will consider the action plan, amend if appropriate and agree the actions to be taken. Any projected underspend should be allocated only to non- recurrent spend. The Pooled Fund Manager will provide six weekly progress reports to the MG on implementation of the action plan, until such time that the under or overspend has been dealt with to the satisfaction of the MG.
Pooled Fund. 5.1 A budget timetable for agreeing the Pooled Fund in years 2021 and 2022 is outlined in Schedule 3. The Revenue Payments to be contributed by the Parties for the Financial Year beginning 1st April 2020 are set out in Schedule 3.
