Decision details

RESOLVED to:

1)    Note the current position on Earmarked Reserves;

2)    Note the details of the amounts to be released from Earmarked Reserves balances to the General Reserve;

3)    Note that the £31.803m released from Earmarked Reserves is expected to be fully required to mitigate the forecast 2023-24 overspend, with the balance being funded from the RCCO Earmarked Reserve held to support revenue budget management, and so ensure that the General Reserve balance remains at a minimum level; and

4)    Approve the Reserves Policy at Appendix five to this report.