Issue - meetings

This report presents a review of the Council’s reserves and financial standing.

The Panel received a report presenting a review of the Council’s reserves and financial standing.

The following matters were raised by Councillors:

a)            The overall level of reserves and reasons for holding, in the Property Income Equalisation Reserve, a minimum balance of one year’s rental income for each property funded by borrowing;

b)            The policy for commuted sums held by the Council;

c)            The objectives of the Residential Property Acquisition Fund and initiatives it could be used to fund.

Following consideration, the Panel resolved to:

(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 transfer of the uncommitted balance on the Interest Equalisation Reserve back to the Corporate Projects Reserve.