Decision details

RESOLVED:

1.      That the Council’s revenue and capital positions for the year be noted.

2.      That the following transfers to reserves planned as part of the revenue budget be approved:

o  £4.5m unspent redundancy budget in order to mitigate risks associated with delivering Transformation in future years

o   £2.4m to meet future feasibility costs of capital schemes

3.      That the following transfers to and from reserves from the outturn position as set out in paragraphs 4-5 in the Executive Summary below be approved:

o   £3.7m from the Covid-19 reserve to meet the outturn position on Covid-19

o   £4.0m to add to contingency to cover expected continued turbulence in our operating environment and future risks

o   £3.0m to establish a Future Thinking Reserve

o   £0.6m to the Interest Rate Risk Reserve

4.    It be noted that the remaining £3.9m surplus will be added to the General Fund balance to improve our financial resilience.

Reasons for Decisions:

This report is to comply with the agreed policy of providing a monthly budget monitoring report to Cabinet for approval of any necessary actions.

[The decisions on this item can be called in by the Resources & Performance Select Committee]