Decision details

The Council gave consideration to a report providing information on progress with balances already earmarked at the end of 2023-24 that qualify for automatic carry over or had been previously agreed. The report also presented proposals to earmark two new areas of unspent budget which invited approval.

Decision

The Council –

1.     reviewed and approved the revised Policy on Year End Flexibility included as Appendix 1 to the submitted report;

2.     approved the two new unspent budget earmarked reserve proposals totalling £3.2m as supported by submitted business cases and noted that there were a further 23 unspent budget earmarkings amounting to £41.174m that had been previously approved, as outlined in Appendices 2.1 and 2.2 of the submitted report;

3.     noted the new balances of £10.558m at the end of 2023-24 that qualified for

automatic carry-forward as outlined in Appendix 3 of the submitted report;

4.     noted the previously approved earmarked reserves of £52.510m and the

justification for continuing to earmark these as outlined in Appendix 4 to the submitted report;

5.     noted that £0.140m of no longer required earmarked balances would be released back into the General Fund;

6.     noted that £2.212m of no longer required earmarked balances had been redirected to the Capital Budget as per the Council decision on 22 February 2024; and

7.     noted that £3.389m relating to Social Work reserves were recognised on the Balance Sheet and was outwith the scope of the report.

(Reference: Report by Section 95 Officer dated 4 June 2024, submitted)