Issue - meetings


Reserve Strategy and Medium Term Reserves Plan 2023/24

Meeting: 17/01/2023 - Budget Planning Committee (Item 28)

28 Reserve Strategy and Medium Term Reserves Plan 2023/24 pdf icon PDF 144 KB

Report of 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 2023/24 and the Medium-Term Financial Strategy (MTFS) 2023/24 – 2027/28.

 

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.

 

Additional documents:

Decision:

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.

Minutes:

The Committee considered a report from the Assistant Director of Finance and Section 151 Officer that gave an update on the Review of Reserves that had taken place in preparation of the budget for 2023/24 and the Medium-Term Financial Strategy (MTFS) 2023/24 – 2027/28.

 

The Strategic Finance Business Partner advised the Committee that the table detailing the overview of reserves in the covering report would be amended prior to submission to Executive, as the Revenue Grants figures relating to cashflow had been double counted in the summary table.

 

Following questions from the Committee regarding the use of money received from Section 106 agreements for planning applications and flexibility of timescales for the work, the Assistant Director of Finance advised that he was not aware of any Section 106 funding being handed back to a developer because it had not been used in time.

 

In response to Members’ questions regarding revenue grants listed for Bicester Garden Town and Bicester Village roundabout, the Assistant Director of Finance advised that a specific funding grant had been received for Bicester Garden Town. The Assistant Director of Finance undertook to circulate further information to the Committee on the reserve listed for Bicester Village Roundabout.

 

Resolved

 

(1)      That the outcome of the review of reserves and the forecast over the Medium Term Financial Strategy period be noted

 

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