Decision details

The Council considered a report which provided information on the progress with balances already earmarked within the General Fund, new balances earmarked at the end of 2017/18 that qualify for automatic carry forward and sought approval for 10 new unspent budget earmarking proposals.

Decision

The Council:-

1. Reviewed and approved the revised Policy on Year End Flexibility, included as Appendix 2 to the report, including the approval of a new category for automatic carry forward of additional fees and charges income generated from Piers and Harbours operations in order to create a Piers and Harbours Investment Fund.

2. Approved the 10 new unspent budget earmarked reserve proposals totalling £0.682m, as per the business cases submitted and as outlined within Appendix 1 of the report.

3. Noted the new balances at the end of 2017-18 that qualify for automatic carry-forward as outlined within Appendix 3 of the report.

4. Noted the previously approved unspent budget earmarked reserves and the justification for continuing to earmark these as outlined within Appendix 4 of the report.

5. Noted that £0.574m of earmarked balances will be released back into the General Fund as these balances are no longer required.

6. Noted the other balances contained within Appendix 5 of the report, both previously earmarked and new balances that have been subject to a previous Council decision.

(Ref: Report by the Head of Strategic Finance dated June 2018, submitted)