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 2020-21 that qualify for automatic carry forward, The report also presented proposals to earmark 16 new areas of unspent budget which require approval.

Decision

The Council –

1.    Approved the revised Policy on Year End Flexibility included at Appendix 1.

2.    Approved the 16 new unspent budget earmarked reserve proposals totalling £1.307m as supported by submitted business cases and noted that there are a further 7 unspent budget earmarkings amounting to £4.499m that have been previously approved, as outlined in Appendices 2.1 and 2.2.

3.    Noted the new balances of £16.474m at the end of 2021-22 that qualify for automatic carry-forward as outlined in Appendix 3.

4. Noted the previously approved unspent budget earmarked reserves of £10.450m and the justification for continuing to earmark these as outlined in Appendix 4.

5. Noted that a total of £56.704m of automatically carried forward balances which are previously earmarked balances in addition to the new amounts earmarked as a result of budget decisions in February 2021 and February 2022 as outlined in Appendix 5.

6. Approved an amendment to the funding behind the agreed £2.653m allocation to Roads Reconstruction. A revised amount of £0.887m coming from unallocated COVID funding and the balance of £1.766m coming from the unallocated general fund balance.

7. Noted that £0.515m of no longer required earmarked balances will be released back into the General Fund.

8. Noted that £2.148m relating to Social Work reserves is recognised on the Balance Sheet and is outwith the scope of the report.

(Ref: Report by Section 95 Officer dated 6 June 2022, submitted)