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.