Report of the Chamberlain.
Minutes:
The Committee received a Report of the Chamberlain concerning the provision provided for bad and doubtful debts.
RESOLVED – That the Committee approved the following:
The Corporation to adopt the proposed approach (as outlined below) by which debt will be analysed and provisions determined for the year ending 31st March 2020, namely:
· review aged debt report at 31st March with debtor balances analysed into
aged brackets;
· examine debt identified as bad or doubtful by Comptrollers;
· evaluate significant debts on individual customer basis;
· make 100% provision for debts, relating to former tenants that are not in
a formal repayment; and
· apply a provision matrix for remaining debt with varying percentages
based on historical loss rates adjusted for current knowledge, and for
City Fund debt only also adjusted to reflect relevant future economic
factors.
Supporting documents: