Purpose

To report on the Council’s resources
currently held as earmarked reserves, provisions and general
balances as at 31 March 2023, taking account of the outturn
position for 2022-2023

Content

That Cabinet approves:

1.     
The transfers to/from general balances and
provisions as detailed in Tables 2, and 5 of the report.

 

2.     
The contributions to/from earmarked reserves as
detailed in paragraphs 5.11 to 5.22 and paragraphs 6.8 to 6.13 of
the report.
 

3.     
Expenditure from provisions for their purposes as
set out in Appendix 2 and 3 to the report, up to the value held in
each provision as at 31 March 2023.
 

4.     
Delegated authority to the Cabinet Member for
Resources and Digital and the relevant Cabinet Member, in
consultation with the Director of Finance and the relevant
Director/Deputy Director to allocate funds from reserves as
detailed in Appendix 1 to the report.
 
That Cabinet notes:

1.     
The level of the Council’s reserves and
provisions as at 31 March 2023 and the purposes for which they are
being held, as detailed in Appendix 1, 2, and 3 to the
report.

 

2.     
That the recommendations detailed in this report are
in line with the Reserves Strategy approved by Council on 1 March
2023.
 

3.     
That relevance and adequacy of reserves would be
reviewed as required by the Constitution
during the 2024-2025 budget setting process.

 

4.     
That allocation of funding from all earmarked
reserves would be reported to Councillors in future
reports.
 

5.     
That the Resources and Equality Scrutiny Panel would
scrutinise the use of reserves as part of the budget setting
process as in previous years.
 

6.     
That the Director of Finance considers that the
overall level of all reserves and provisions are sufficient to meet
the likely level of obligations to be met from reserves and
provisions in the short term.

 

7.     
That the figures quoted in the report are still
subject to statutory audit by Grant Thornton as part of the
2022-2023 accounts closedown process.