Decision details
Money Matters: Review of Reserves
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
Purpose:
Cabinet recommends to Council to update the Medium Term Financial Strategy following a review to repurpose existing reserves to fund strategic priorities.
Decision:
The Cabinet recommended to Council to:
1.1 Repurpose earmarked reserves and agree changes to the Capital Programme detailed at para 3.29 to release reserves that will result in the strategic priorities reserve balance of (£5,169,000).
1.2 Dispose of Venture House and include a budgeted capital receipt of (£650,000) in the Medium Term Financial Strategy to fund strategic priorities (a receipt greater than this level will increase the level of the strategic priorities reserve).
1.3 Approve the inclusion of a project with a budget of £2,000,000 in the Capital Programme (initially equally spread between 2022/23 and 2023/24) for BRS enabling works funded from this capital receipt and the strategic priorities reserve.
The Cabinet:
1.4 Noted that following these changes, there will be (£3,819,000) available in the strategic priorities earmarked reserve to fund other strategic priorities.
Report author: Anthony Thomas
Publication date: 07/09/2022
Date of decision: 06/09/2022
Decided at meeting: 06/09/2022 - Cabinet
Accompanying Documents: