Issue - meetings

The Committee gave consideration to a report presented by the Financial Services Manager detailing the annual review of earmarked reserves in advance of the formal Section 25 report (Section 151 Review of Robustness of Reserves) being presented to Full Council on 3 March 2025. It was highlighted that as at 31 March 2024, earmarked reserves totalled £20.047m. After taking account of all approved movements, the forecast balance at 31 March 2025 was £21.349m. Members were advised that the review proposed to reduce the number of reserves, by deleting those which were no longer required; to create a new reserve for Extended Producer Responsibility (EPR) obligations; and to consider the level of General Fund Balance.

Members expressed their support for the proposed approach and thanked Officers for their diligence, and clear presentation of the financials. The creation of the new reserve for EPR was considered particularly sensible.

Having been proposed, seconded, and voted upon, it was unanimously

            RESOLVED that

a)    the nil balance earmarked reserves as outlined at section 3 of the report be deleted; and

b)    a new reserve for any government funding allocated to the Council for Extended Producer Responsibility Obligations be created; and

c)    a minimum general fund balance of between £2.0m - £2.5m be maintained; and

d)    the reserves retained by the Council, and their levels, had been considered as detailed in Appendix A.