Insurance Fund Budget 2013/2014
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
A report by the Interim Director of Finance set out the elements which made up the Insurance Fund, the cost of running the Risk and Insurance Section and the Budget for 2013/14, as the Insurance Fund was one element of the Council budget setting process.
The Cabinet noted that there was a net increase in costs of £44,000 in 2013/14. However, as the 2012/13 increase had been offset by the use of the Budget Surplus Reserve, the increase was £180,000 (£141,000 for General Fund services and £39,000 for Schools). There had also been the return of £529,396 of Fund balances back to Council General Fund balances.
(1) the Insurance Fund budget be agreed;
(2) the release of £529,936 from the Insurance Fund to General Fund balances be agreed; and
(3) as part of the impending procurement of insurance contracts, options for reducing external premiums through greater self-insurance and/or restrictions in cover be explored and the options and risks/benefits of each be reported to the Cabinet.
Publication date: 05/12/2012
Date of decision: 29/11/2012
Decided at meeting: 29/11/2012 - Cabinet
Effective from: 13/12/2012