Purpose

To agree the Reserves Position and Policy as part of the 2024/25 budget setting.

Decision

RESOLVED to:

 

1)   
Note the current
position on Earmarked Reserves;

 

2)   
Note the details
of the amounts to be released from Earmarked Reserves balances to the General
Reserve;

 

3)   
Note that the
£31.803m released from Earmarked Reserves is expected to be fully required to
mitigate the forecast 2023-24 overspend, with the balance being funded from the
RCCO Earmarked Reserve held to support revenue budget management, and so ensure
that the General Reserve balance remains at a minimum level; and

 

4)   
Approve the
Reserves Policy at Appendix five to this report.