Issue - meetings

This report presents a review of reserves and recommends minimum reserve balances to ensure sound management of the Council’s finances.

The following matters were debated by Councillors:

·                     Opportunities to replenish reserves.

·                     The value of Council assets compared with the level of debt held by the Council.

Following consideration of the above matters and the report’s contents, the Group moved to consider the report recommendations, which were agreed as follows:

(1)      Consider and review whether the overall level of reserves and contingencies are appropriate for the sound management of the Council’s finances;

(2)      Review the individual reserve and contingency balances and consider whether to support the recommended minimum balances in the report;

(3)      Support the proposed transfer of £0.5m from the Collection Fund Equalisation Reserve to the Corporate Projects Reserve.