Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: Yes

Date of Decision: January 30, 2025

Purpose: To note the current and forecast positions for both General and Earmarked Reserves and to approve the Reserves Policy.

Content: 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.