Agenda item

Review of Reserves and General Fund Balances

To Follow

Decision:

(a)  That the allocation of the initial £1.46m arising from 2011-12 planned savings programme as a contribution to General Fund Balances be agreed as a commitment to the long term financial sustainability of the council.

 

(b)  That following the contribution to General Fund as detailed above, a further £685k arising from 2011-12 planned savings be allocated to earmarked reserves to fund the one off items approved by Council on the 22nd February be agreed.

 

(c)  That officers undertake a comprehensive review of provisions in the light of progress made during the year and provide recommendations for reallocation of any available resources arising as a result to the April Cabinet meeting.

 

(d)  That allocation of £50k be made from the under spend to enable preparatory work to be undertaken to bring forward options for consideration under (c) above.

 

Minutes:

The Cabinet was provided with the outcome of the Section 151 officer’s Review of Reserves and General Fund Balances following the adoption of the Medium Term Financial Strategy on 21st February 2012, and a review of committed expenditure for the year ended 31st March 2012 based on the known position as at 31st January 2012.  Officers advised that adopting a risk based approach to increasing general fund balances in a planned way would reflect best practice.

 

Resolved -

 

(a)  That the allocation of the initial £1.46m arising from 2011-12 planned savings programme as a contribution to General Fund Balances be agreed as a commitment to the long term financial sustainability of the council.

 

(b)  That following the contribution to General Fund as detailed above, a further £685k arising from 2011-12 planned savings be allocated to earmarked reserves to fund the one off items approved by Council on the 22nd February be agreed.

 

(c)  That officers undertake a comprehensive review of provisions in the light of progress made during the year and provide recommendations for reallocation of any available resources arising as a result to the April Cabinet meeting.

 

(d)  That allocation of £50k be made from the under spend to enable preparatory work to be undertaken to bring forward options for consideration under (c) above.

Supporting documents: