Decision details

Cabinet

1. Approved the proposal that the Council completes the delivery of the OPCR (Open Programmable City Region) and Replicate projects;
2. Authorised the Executive Director: Resources, in consultation with the Cabinet Member for Finance, Governance and Performance, to take all steps necessary for the transfer of relevant staff into the Council (subject to appropriate consultation by BRISTOLISOPEN LTD.)
3. Noted that approximately £250k is expected to be drawn down from the previously approved £500k earmarked reserve in order to fund the write-off of monies previously advanced to BRISTOLISOPEN LTD or to fund low level running costs for BRISTOLISOPEN LTD as an inactive company.
4. Noted that up to £359k revenue expenditure for new staff payroll costs, and contracts arising in the delivery of OPCR will be incurred. This will be funded first from the residual £250k remaining in the original £500k earmarked reserve once the Recommendation 3 has been met. Thereafter the balance (expected to be £109k) is to be absorbed within the existing Digital Transformation or the OPCR budgets.
5. Noted that the Redeemable Preference Shares (book value £350,001 prior to the close of 19/20) will be fully impaired for the 19/20 statutory reporting purposes.