Earmarked Reserves

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Earmarked Reserves

Money in savings that one intends to use only for a certain, stated purpose. Earmarked reserves are common in both personal savings and in corporate finance. For example, an individual may earmark reserves for his/her honeymoon and a company may do the same to pay off bonds when they mature.
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Finance officer Simone Donaghy pointed out the "substantial savings" made by the council owning the CCTV equipment and added that an earmarked reserve fund would also be set up, of pounds 50,000 a year, to go towards maintainance and replacement costs.
The Retail Trust's [pounds sterling]50,000 earmarked reserve funding to provide urgently-needed assistance to shopkeepers, shop workers and the families of victims;
pounds 600,000 from earmarked reserves to fund spending and offset council tax rises.
Councillor Mark Stephens, the ruling Liberal Democrats' finance spokesman, said: 'Like Coun Sheppard, I have been combing the earmarked reserves to find savings.
Labour's plans include upping the amount of council tax collected saving pounds 1m, using pounds 700,000 extra from the government's business growth incentive scheme, cutting from pounds 40,000 from the Lord Mayoralty, trimming another pounds 500,000 from the bill from employing outside consultants, slashing the corporate initiative budget by pounds 350,000 and using pounds 500,000 from earmarked reserves.
However deputy leader of Newcastle City Council, Joyce McCarty, has said the council has in fact PS50m in earmarked reserves, not the PS78.
The report states: "Monies that would have been previously set aside to go into earmarked reserves for future significant repair costs are no longer anticipated.
The actual position on earmarked reserves as at March 31,02 is as follows:
63pc increase takes into account the financial standing of the authority, the need to use earmarked reserves to smooth pension costs, the spending pressures identified in the medium-term financial strategy, and the threat of capping.
Chris Franks AM called on local authorities to do everything they could to speed up projects for which cash is held in earmarked reserves.
The key figure really is the one for general reserves, because earmarked reserves are already effectively committed to be spent.
A: Grants from bodies such as the Welsh Assembly Government for major projects in the future; money from council taxpayers; creditors; proceeds from the sale of council assets and earmarked reserves.