Issue - meetings

The Director of Finance introduced a report, which had been circulated in advance of the meeting in relation to the Reserves Position and Reserves Policy.

On the motion of Councillor S Spencer, duly seconded it was

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 £30.000m released from Earmarked Reserves is expected to be fully required to mitigate the forecast 2024-25 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 the report.

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 £30.000m released from the Earmark Reserves is expected to be fully required to mitigate the forecast 2024-25 overspend, with the balance being funded from the Revenue Contributions to Capital Expenditure 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 the report.

Councillor S Spencer introduced a report, which had been circulated in advance of the meeting, that referred to the Reserves Position and Reserves Policy.

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 £30.000m released from the Earmark Reserves is expected to be fully required to mitigate the forecast 2024-25 overspend, with the balance being funded from the Revenue Contributions to Capital Expenditure 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 the report.