Introduction
The 31st Noonu Atoll Council Sitting discussed the introduction of evaluation process and criteria for investment proposals and capital injection of council-owned businesses, startup capital injection for Noonu Atoll Company, and budget reallocation for Quran Competition and speedboat fuel expenses.
Takeaways
Establishment of a comprehensive evaluation process and criteria for assessing investment proposals and capital injections into council-owned businesses.Proposal for a strategic investment in the Noonu Atoll Company through the issuance of startup capital.Proposed budget reallocation to address financial shortfalls in Quran competition and speedboat fuel expenses.
Proposals & Decisions
- Proposal
- This rule is established pursuant to the authority granted by Act No. 2010/7, the Decentralization of Administrative Areas Act, and Regulation No.13-2023, which outlines the procedures for capital expenditure by councils on local authority companies and private enterprises. Specifically, this rule is formulated under Article (n) of the aforementioned regulation. The primary objective of this rule is to introduce a comprehensive evaluation process and criteria for assessing investment proposals and subsequent capital injections into council-owned businesses. By establishing clear guidelines, this rule aims to ensure that investment decisions are made systematically, transparently, and in the best interest of the council and its constituents.You can also reply to this email to add a task comment.This task is in the Council Decision list - General plan.
- Takeaways
- RESOLVED, that the Atoll Council hereby adopts the process and criteria for the evaluation of investment proposals and the injection of capital investments into council-owned businesses. FURTHER RESOLVED, that this resolution is enacted pursuant to the authority granted by Act No. 2010/7, the Decentralization of Administrative Areas Act, and Regulation No. 13-2023, Rules on the Procedure for Capital Expenditure by Councils on Local Authority Companies and Such Ventures. FURTHER RESOLVED, that the implementation of this resolution shall be in accordance with the provisions of Article (noonu) of Regulation No. 13-2023. FURTHER RESOLVED, that the Secretary-General, in conjunction with the heads of the Administration and Finance Units, is hereby directed to commence the implementation of the Rules of Procedure for operating and managing Local Authority Companies, Council Holding Companies, and overseeing capital investment and procurement processes for these companies. FURTHER RESOLVED, that the aforementioned Rules of Procedure shall be subject to Council Secretariat and be incorporated into the Standard Operating Procedures (SOPs) to be followed by the Secretariat in executing related tasks.
- Introduced by
Mohamed Basheer
President of Noonu Atoll Council | 2021-Now
- In Favour
- 5
- Opposed
- 3 More details
31.1 Introduction of Evaluation Process and Criteria for Investment Proposals and Capital Injection of Council-Owned Businesses
- Proposal
- Proposal outlines a strategic investment in the Noonu Atoll Company through the issuance of startup capital. By utilizing existing assets of the Noonu Atoll Local Authority Company Limited, this initiative aims to establish and strengthening governing structures of the company.
It is proposed that Atoll Council transfers one million Rufiyaa (MVR 1,000,000.00) to the Noonu Atoll Company as startup capital. This capital injection will be realized by issuing shares to the Noonu Atoll Council. The specific number of shares will be determined based on the share value as outlined in Company’s articles of association. Providing startup capital will empower the company to undertake administrative setups, initial ventures, create jobs, and contribute to the overall growth of the company itself. Leveraging company’s share capital efficiently allocates existing resources and maximizes their impact. The investment is a strategic move to foster entrepreneurship and innovation within the Noonu Atoll community.You can also reply to this email to add a task comment.This task is in the Council Decision list - General plan. - Takeaways
- RESOLVED, that the Secretary-General be and is hereby directed to initiate the process of issuing specified shares of the Noonu Atoll Local Authority Company Limited with a total value of one million Rufiyaa (MVR 1,000,000.00) to the Noonu Atoll Company as startup capital. FURTHER RESOLVED, that all necessary legal and financial procedures be undertaken to ensure transparency and accountability in the issuance of shares and the transfer of funds. FURTHER RESOLVED, that this capital injection is expected to enhance the administrative capabilities of the Noonu Atoll Company, facilitate its expansion, and support the recruitment of senior management. FURTHER RESOLVED, that the Noonu Atoll Company shall utilize the funds to initiate development projects within Noonu Atoll and explore opportunities to generate additional revenue through dividends and share appreciation.
- Introduced by
Mohamed Adnan
maafaru Island Council President
- In Favour
- 5
- Opposed
- 3 More details
31.2 Startup Capital Injection for Noonu Atoll Company
- Proposal
- Noonu Atoll Council proposes a budget reallocation to address the financial shortfalls in two key areas: the Quran competition and speedboat fuel expenses. The budgeted amount of 315,000.00 Maldivian Rufiyaa (MVR) for the Quran competition has proven to be inadequate to cover the actual costs associated with the event. Similarly, the expenditure for speedboat fuel for rental trips has exceeded the budgeted amount of 412,400.00 MVR. To address these shortfalls, the council proposes to reallocate funds from the activity budgeted for strengthening value-added products in the atoll. This reallocation will ensure that the Quran competition and speedboat fuel expenses are adequately funded, allowing for the successful completion of these important initiatives. While this reallocation may have a minor impact on the planned activities related to value-added products, the council believes that it is essential to prioritize the funding of the Quran competition and speedboat fuel expenses to meet the needs of the community.You can also reply to this email to add a task comment.This task is in the Council Decision list - General plan.
- Takeaways
- Having considered the proposed budget reallocation, hereby approves the reallocation of funds to address the financial shortfalls in the Quran competition and speedboat fuel expenses. The budgeted amount of 315,000.00 Maldivian Rufiyaa (MVR) for the Quran competition will be adjusted, and the exceeding expenditure for speedboat fuel for rental trips, which has reached 412,400.00 MVR, will be covered. To address these shortfalls, the council will reallocate funds from the activity budgeted for strengthening value-added products in the atoll. This decision ensures that the Quran competition and speedboat fuel expenses are adequately funded, allowing for the successful completion of these important initiatives. While this reallocation may have an impact on the planned activities related to value-added products, the council believes that it is essential to prioritize the funding of the Quran competition and speedboat fuel expenses to meet the urgent governance needs.
- Introduced by
Mohamed Basheer
President of Noonu Atoll Council | 2021-Now
- In Favour
- 5
- Opposed
- 3 More details