[To report on the reserves, provisions and balances as at 31 March 2020]

1.      That the transfers (to)/from earmarked reserves, provisions and general balances as detailed in tables 2, 3 and 4 to the report be approved.

2.      That the expenditure from provisions for their purposes as set out in Appendix 3 and 4 to the report be approved, up to the value held in each provision as at 31 March 2020.

3.      That the continuation of delegation of authority to the Cabinet Member for Resources, in consultation with the Director of Finance, to allocate funds from the Budget Contingency Reserve, the Regeneration Reserve, the Efficiency Reserve, the Transformation Reserve, the Development Reserve, the Regional Work Reserve, the Enterprise Zone Business Rates Reserve, the Business Rates Equalisation Reserve, the Treasury Management Equalisation Reserve, the Pension Deficit Recovery Reserve, the Budget Strategy Reserve, the Highways Management Reserve and Community Initiatives and Crowdfund Wolves Reserve be approved.

4.      That the delegation of authority to the Cabinet Member for Resources, in consultation with the Director of Finance, to allocate funds from the Recovery Reserve be approved.

5.      That the level of the Council’s earmarked reserves, provisions and general balances as at 31 March 2020 and the purposes for which they are being held, as detailed in Appendix 1, 2, 3 and 4 to the report be noted.

6.      That it be noted that the relevance and adequacy of earmarked reserves and general balances would be reviewed as required by the Constitution during the 2021-2022 budget setting process.

7.      That it be noted that the allocation of funding from all earmarked reserves would be reported to Cabinet (Resources) Panel in the scheduled quarterly budget monitoring reports.

8.      That it be noted that Our Council Scrutiny Panel would scrutinise the use of reserves as part of the budget setting process as in previous years.

9.      That it be noted that the Director of Finance considers that the overall level of all reserves, provisions and balances is sufficient to meet the likely level of obligations to be met from reserves, provisions and general balances in the short term.

10.   That it be noted that whilst the positive General Fund outturn position during 2019-2020, and the resulting adjustments to reserves, would  help to support the Council’s short term financial position, it does not address the challenging financial position that the Council finds itself in over the medium term; namely identifying further projected budget reductions which were estimated at £15.5 million in 2021-2022, rising to around £20 million over the medium term to 2023-2024 when reported to Full Council in March 2020.

11.   That it be noted that the Covid-19 pandemic has had a significant international, national and regional impact, and will continue to have, significant financial implications for the Council. Cabinet would be presented with a report in July 2020 which would provide more detail on the budget implications and the Medium Term Financial Strategy.

12.   That it be noted that the figures quoted in the report are still subject to statutory audit by Grant  ...  view the full decision text for item 8

Councillor Louise Miles presented the report on the Council’s earmarked reserves, provisions and general balances as at 31 March 2020 taking account of the outturn position for 2019-2020. In doing so she drew to Cabinet’s attention the newly created Recovery Reserve to support the Council’s Covid-19 recovery strategy.  She also informed Cabinet that in order to be prudent and to strengthen the Council’s position regarding Covid-19 costs, it was proposed that the General Fund balance be increased to £13 million. It was also the intention to protect earmarked reserves that had been set aside.

Resolved:

1.    That the transfers (to)/from earmarked reserves, provisions and general balances as detailed in tables 2, 3 and 4 to the report be approved.

2.    That the expenditure from provisions for their purposes as set out in Appendix 3 and 4 to the report be approved, up to the value held in each provision as at 31 March 2020.

3.    That the continuation of delegation of authority to the Cabinet Member for Resources, in consultation with the Director of Finance, to allocate funds from the Budget Contingency Reserve, the Regeneration Reserve, the Efficiency Reserve, the Transformation Reserve, the Development Reserve, the Regional Work Reserve, the Enterprise Zone Business Rates Reserve, the Business Rates Equalisation Reserve, the Treasury Management Equalisation Reserve, the Pension Deficit Recovery Reserve, the Budget Strategy Reserve, the Highways Management Reserve and Community Initiatives and Crowdfund Wolves Reserve be approved.

4.    That the delegation of authority to the Cabinet Member for Resources, in consultation with the Director of Finance, to allocate funds from the Recovery Reserve be approved.

5.    That the level of the Council’s earmarked reserves, provisions and general balances as at 31 March 2020 and the purposes for which they are being held, as detailed in Appendix 1, 2, 3 and 4 to the report be noted.

6.    That it be noted that the relevance and adequacy of earmarked reserves and general balances would be reviewed as required by the Constitution during the 2021-2022 budget setting process.

7.    That it be noted that the allocation of funding from all earmarked reserves would be reported to Cabinet (Resources) Panel in the scheduled quarterly budget monitoring reports.

8.    That it be noted that Our Council Scrutiny Panel would scrutinise the use of reserves as part of the budget setting process as in previous years.

9.    That it be noted that the Director of Finance considers that the overall level of all reserves, provisions and balances is sufficient to meet the likely level of obligations to be met from reserves, provisions and general balances in the short term.

10. That it be noted that whilst the positive General Fund outturn position during 2019-2020, and the resulting adjustments to reserves, would  help to support the Council’s short term financial position, it does not address the challenging financial position that the Council finds itself in over the medium term; namely identifying further projected budget reductions which were estimated at £15.5 million in  ...  view the full minutes text for item 8