Local authority says fund wasn't 'depleted' during Covid
Douglas Council has £1.7 million in its reserves after they were 'bolstered' during the last financial year.
The local authority says they weren't 'depleted' after Covid but maintained a 'reasonable' working balance after 'mitigations' were taken by the council.
Twenty-seven projects are forecast to be funded from the reserves in the next 12 months: this includes £25,000 to cover the election in April and £40,000 for the refurbishment of the reception area in City Hall.
The council says the 'optimum' amount of money in reserves would be 10 percent of the rate income which would be £1.5 million.
However the 'minimum' working amount is five percent of the rates which would leave the council with £750,000.
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