Issue - meetings

Report of the Assistant Director of Finance (Section 151 Officer)

Purpose of report

To update Budget Planning Committee (BPC) on the Review of Reserves that has taken place in preparation of the budget for 2024/25 and the Medium-Term Financial Strategy (MTFS) 2024/25 – 2028/29.

Recommendations

The meeting is recommended:

1.1     To note the outcome of the review of reserves and the forecast over the MTFS period.

1.2     To provide the Executive with feedback on whether the Committee supports the draft reserve allocations.

Resolved

(1)       That the outcome of the review of reserves and the forecast over the MTFS period be noted

(2)       That, having given due consideration, Executive be advised that the Budget Planning Committee supports the draft reserve allocations.

The Assistant Director of Finance submitted a report to update Budget Planning Committee (BPC) on the Review of Reserves that had taken place in preparation of the budget for 2024/25 and the Medium-Term Financial Strategy (MTFS) 2024/25 – 2028/29.

The Portfolio Holder for Finance advised the Committee that the review proposed that the Council retain its current minimum level of general reserves of £6.129m however advised that if this reserve was to be used then it would need to be replenished.

In response to a question from the Committee asking how the general reserve would the reserve be replenished if used, the Portfolio Holder for Finance advised that it would be difficult however the Council policy was to hold prudent reserves so business would continue if this were to happen.

Resolved

(1)       That the outcome of the review of reserves and the forecast over the MTFS period be noted

(2)       That, having given due consideration, Executive be advised that the Budget Planning Committee supports the draft reserve allocations.