The subject of the decision:

This report provided information on the Value Added Tax (VAT) partial exemption position and the implication on the Council’s financial position.

Alternative options considered:

None.

The reason for the decision:

Cabinet was satisfied with the potential solution for the Council’s future partial exemption position as outlined in the report.

The Decision:

That Cabinet approves and recommends to Council that:-

(1)     a ‘vehicle’ is set up as detailed in paragraphs 2.8 – 2.11 of the report;

(2)     the detailed operation of the “vehicle” be determined following an assessment of the strategic, legal and operational arrangements;

(3)     stakeholder and community consultation take place on the operation of a “vehicle” and its broader potential;

(4)     the Chief Executive is appointed as the Director of the ‘vehicle' and that the Deputy Chief Executive manages the relationship from the Council’s perspective; and

(5)     an application be made for “admitted body status” to the North Yorkshire Pension Fund for the new ‘vehicle’.