Purpose

To note the
current and forecast positions for both General and Earmarked
Reserves and to approve the Reserves Policy.

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 £30.000m
released from the Earmark Reserves is expected to be fully required
to mitigate the forecast 2024-25 overspend, with the balance being
funded from the Revenue Contributions to Capital Expenditure
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 the report.