Issue - meetings

The report provides details of a review of earmarked reserves and whether there is funding available to assist with delivery of priority capital projects.

Following a review of the earmarked reserves, as identified as an action in the Annual Service Delivery Plan 2025/26, the report of the Head of Finance and Section 151 Officer recommended a number of transfers to assist with the delivery of priority capital projects.

Careful consideration was given to the proposal to transfer £2.1m to the General Revenue Reserve (GRR) and a further £100,000 between already established reserves.   The recommended changes to the reserves had been assessed in consultation with Services and the main changes were detailed in 5.4 of the report.  Following these transfers the GRR would hold a balance of £11.25m.

Whilst the transfer to the General Revenue Reserve was welcomed, the pressures related to building repairs, the Local Plan, planning appeals and the transition for Local Government Reorganisation were recognised. It was, therefore, recommended that transfers be made to the Angel Centre Build Costs, Building Repairs, Local Plan, Transformation – Local Government Reorganisation reserves from the General Revenue Reserve. 

If these recommendations were supported there would be an estimated balance of £9.25m in the General Revenue Reserve on 31 March 2028 based on the current Medium Term Financial Strategy projects.    Cabinet noted that an estimated £3.5m was expected to be withdrawn from the General Revenue Reserve in 2028/29 to cover various revenue expenditure.

Due regard was given to the financial and value for money considerations, the assessment of risk and the legal implications.  In recognition that the reallocation of resources would assist with the achievement of corporate priorities, Cllr Boughton proposed, Cllr Taylor seconded and Cabinet

RESOLVED:  That

(1)             the transfer of reserves detailed in Annex 1 and in 5.3 of the be approved; and

(2)             the transfer of reserves detailed in 7.2 of the report be approved.

(Decision Notice D260006CAB)

Following a review of the earmarked reserves, as identified as an action in the Annual Service Delivery Plan 2025/26, the report of the Head of Finance and Section 151 Officer recommended a number of transfers to assist with the delivery of priority capital projects.

Careful consideration was given to the proposal to transfer £2.1m to the General Revenue Reserve (GRR) and a further £100,000 between already established reserves.   The recommended changes to the reserves had been assessed in consultation with Services and the main changes were detailed in 5.4 of the report.  Following these transfers the GRR would hold a balance of £11.25m.

Whilst the transfer to the General Revenue Reserve was welcomed, the pressures related to building repairs, the Local Plan, planning appeals and the transition for Local Government Reorganisation were recognised. It was, therefore, recommended that transfers be made to the Angel Centre Build Costs, Building Repairs, Local Plan, Transformation – Local Government Reorganisation reserves from the General Revenue Reserve. 

If these recommendations were supported there would be an estimated balance of £9.25m in the General Revenue Reserve on 31 March 2028 based on the current Medium Term Financial Strategy projects.    Cabinet noted that an estimated £3.5m was expected to be withdrawn from the General Revenue Reserve in 2028/29 to cover various revenue expenditure.

Due regard was given to the financial and value for money considerations, the assessment of risk and the legal implications.  In recognition that the reallocation of resources would assist with the achievement of corporate priorities, Cllr Boughton proposed, Cllr Taylor seconded and Cabinet

RESOLVED:  That

(1)             the transfer of reserves detailed in Annex 1 and in 5.3 of the be approved; and

(2)             the transfer of reserves detailed in 7.2 of the report be approved.