Purpose

The purpose of the report is to provide the outcome of the annual review of the Council’s Reserves Policy following the reporting of the Council’s 2023/24 outturn
position. The report needs to be read in conjunction with the Medium Term Financial Plan Update and Cabinet Response – Responding to Our Medium Term
Financial Plan reports presented elsewhere on this agenda.??

Decision

The Cabinet considered an update on the Council’s Reserves Policy following the reporting of the Council’s 2023/24 outturn position and has agreed to:-

(1) Note the annual review of Council’s 2024/25 Reserves Policy including the level and rationale for the reserves held.

(2) Approve the adjustments and reclassification of earmarked reserves held in line with the recommended amounts.

(3) Approve the proposed 2024/25 Reserves Policy.

Alternative options considered

None.