Common use of Creation of Reserves Clause in Contracts

Creation of Reserves. 46.9.1 In the event that a carry forward of Underspends is agreed by the Joint Commissioning Board, all Financial Contributions will need to be remitted to the Council before the Financial Year end to enable the relevant reserve to be created. 46.9.2 The creation of reserves will require the agreement of both Partners and shall be subject to approval through the relevant Organisation’s governance processes. The creation of reserves may be either for a specific purpose (business case required) or for a general/ contingency reserve. 46.9.3 Reserves created pursuant to this Agreement, will be held and managed by the Council as both Host Partner and the only Partner with the necessary financial governance mandate to do so. 46.9.4 Subject to paragraph 46.9.5, the release/use of reserves will require a business case and the agreement of the Joint Commissioning Board. 46.9.5 Reserves agreed to be created for specific purposes will not require additional Joint Commissioning Board approval for release, provided the reserve is authorised for release within 12 months of it having been created. Specific reserves to be retained for more than 12 months will require review and re-validation by the Joint Commissioning Board as part of Financial Year end sign off procedures.

Creation of Reserves. 46.9.1 In the event that a carry forward of Underspends underspends is agreed by the Joint Commissioning Board, all Financial Contributions will need to be remitted to the Council before the Financial Year end to enable the relevant reserve to be created. 46.9.2 . The creation of reserves will require the agreement of both Partners and shall be subject to approval through the relevant Organisationorganisation’s governance processes. The creation of reserves may be either for a specific purpose (business case required) or for a general/ contingency reserve. 46.9.3 . Reserves created pursuant to this Agreement, will be held and managed by the Council as both Host Partner and the only Partner with the necessary financial governance mandate to do so. 46.9.4 . Subject to paragraph 46.9.5, the release/use of reserves will require a business case and the agreement of the Joint Commissioning Board. 46.9.5 . Reserves agreed to be created for specific purposes will not require additional Joint Commissioning Board approval for release, provided the reserve is authorised for release within 12 months of it having been created. Specific reserves to be retained for more than 12 months will require review and re-validation by the Joint Commissioning Board as part of Financial Year end sign off procedures.