Planning Obligations and Affordable Housing SPD

6. Spending Financial Contributions Comment

6.1A corporate s106 Monitoring and Liaison Group meets quarterly to monitor current developments and progress. This group comprises officers from the services responsible for ensuring the implementation of the terms of the agreement, delivering the projects and ensuring the monies are spent appropriately. The relevant Head of Service, in consultation with the cabinet member and nominated ward member, will agree spend of s106 monies under £50,000. The Cabinet, following consultation with the ward member, will agree spend of s106 monies over £50,000.

6.2The council’s Corporate Governance and Audit Committee is responsible for ensuring that the s106 Implementation and Monitoring Procedure is effective and that any risks arebeing managed in ensuring that monies are spent in accordance with the legal agreement and within the required timescales.

Interest Bearing Accounts

6.3When a financial contribution is received it will be placed within an interest-bearing account from the date of its receipt. The interest accrued will be applied by the council for the same purposes as the relevant contribution.