Decision details

The Committee considered a report which provided information on the progress with balances already earmarked within the General Fund, new balances earmarked at the end of 2019/20 that qualify for automatic carry forward. The report also presented proposals to earmark 6 new areas of unspent budget for approval.

Decision

The Committee:-

a) approved the revised Policy on Year End Flexibility including approval of a new category for automatic carry forward of unspent income from Hermitage Park to fund the 10 year Management and Maintenance Plan.

b) approved the 6 new unspent budget earmarked reserve proposals totalling £2.742m as supported by submitted business cases and note that there are a further 3 unspent budget earmarkings amounting to £2.974m that have been previously approved, as outlined in Appendices 2.1 and 2.2.

c) noted the new balances of £7.302m at the end of 2019-20 that qualify for automatic carry-forward as outlined in Appendix 3.

d) noted the previously approved unspent budget earmarked reserves of £3.483m and the justification for continuing to earmark these as outlined in Appendix 4.

e) noted a total of £25.612m of automatically carried forward balances which are previously earmarked balances in addition to the new amounts earmarked from the unallocated balance as part of the budget agreed at Council on 28 February 2020, as outlined in Appendix 5.

f) noted that £0.201m of no longer required earmarked balances will be released back into the General Fund.

(Ref: Report by Section 95 Officer dated 12 June 2020, submitted)