Issue - meetings

Review of Revenue Reserves and Provisions

Meeting: 27/02/2024 - Council (Item 8)

8 Review of Revenue Reserves, Cabinet 6 February pdf icon PDF 256 KB

Council is requested to consider the report and, if satisfied, to approve:

 

A)        That the Reserves as summarised at paragraph 12 of the report be released and transferred to the General Reserve or transferred to other reserves as appropriate on 31 March 2024.

 

B)        That the movement in Reserves in 2023/2024 as set out in Appendix A, and the estimated balance of Reserves of £36.132 million, be noted.

Additional documents:

Decision:

Council agreed  to approve

 

A)     The Reserves as summarised at paragraph 12 of the report be released and transferred to the General Reserve or transferred to other reserves as appropriate on 31 March 2024.

 

B)     The movement in Reserves in 2023/2024 as set out in Appendix A, and the estimated balance of Reserves of £36.132 million, be noted.

Minutes:

The Lead Cabinet Member for Resources presented this report, which reviewed the Council’s Earmarked Revenue Reserves, as part of the 2024/25 budget settling process.

 

Councillor Heather Williams expressed concern about the amount of money in the Transformation Reserve and how those funds were being spent.

 

Councillor John Williams proposed and Councillor Bridget Smith seconded the recommendations in the report. A vote was taken and were cast as follows:

 

In favour (27):

Councillors Michael Atkins, Henry Batchelor, John Batchelor, Paul Bearpark, Anna Bradnam, Ariel Cahn, Dr Martin Cahn, Libby Earle, Peter Fane, Corinne Garvie, Bill Handley, Sunita Hansraj, Sally Ann Hart, Dr Tumi Hawkins, Pippa Heylings, Dr James Hobro, Helene Leeming, Peter McDonald, Brian Milnes, Dr Lisa Redrup, Judith Rippeth, Peter Sandford, Bridget Smith, Richard Stobart, Dr Susan van de Ven, John Williams and Eileen Wilson.

 

Against (8):

Councillors Dr Shrobona Bhattacharya, Tom Bygott, Graham Cone, Mark Howell, Daniel Lentell, Bunty Waters, Heather Williams and Dr Richard Williams.

 

Abstain (0)

 

Council agreed  to approve

 

A)     The Reserves as summarised at paragraph 12 of the report be released and transferred to the General Reserve or transferred to other reserves as appropriate on 31 March 2024.

 

B)     The movement in Reserves in 2023/2024 as set out in Appendix A, and the estimated balance of Reserves of £36.132 million, be noted.


Meeting: 06/02/2024 - Cabinet (Item 80)

80 Review of Revenue Reserves pdf icon PDF 255 KB

Additional documents:

Decision:

Cabinet recommended to Full Council:

 

(a) That the Reserves as summarised at paragraph 12 of the report be released and transferred to the General Reserve or transferred to other reserves as appropriate on 31 March 2024.

 

(b) That the movement in Reserves in 2023/2024 as set out in Appendix A, and the estimated balance of Reserves of £36.132 million, be noted.

Minutes:

Councillor John Williams, Lead Cabinet Member for Resources, introduced the report and moved the recommendations.

 

The recommendations were seconded by Councillor Brian Milnes.

 

Councillor Anna Bradnam, made the following comments on behalf of the Scrutiny and Overview Committee:

·         A question was raised at the Scrutiny and Overview Committee around the delineation of earmarked reserved and, as a result, this was specifically listed in Appendix A to the report.

·         It was noted that earmarked reserves were divided into separate pots for specific reasons.

·          

Resolution

 

Cabinet recommended to Full Council:

 

(a)  That the Reserves as summarised at paragraph 12 of the report be released and transferred to the General Reserve or transferred to other reserves as appropriate on 31 March 2024.

 

(b)  That the movement in Reserves in 2023/2024 as set out in Appendix A, and the estimated balance of Reserves of £36.132 million, be noted.

 

Options Considered

 

The option of not reviewing Reserve and Provision balances was not considered to be appropriate as otherwise valuable resource which may be needed elsewhere could be inappropriately allocated.

 

Reasons for Decision

 

To ensure that the Council regularly reviewed the balances held in established reserves to confirm that the allocations remained valid and thus still needed for the purposes outlined and that they were at the correct level to meet this requirement.