Issue - meetings
Use of General and Earmarked Reserves 2019/2020
Meeting: 18/11/2019 - Joint Scrutiny Committee (Budget Monitoring) (Item 9)
9 Use of General and Earmarked Reserves 2019/2020 
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To consider the report of the Chief Officer
Resources.
Additional documents:
Minutes:
Consideration was given to report of the Chief Officer Resources.
The Chief Officer Resources presented the report which provided the forecast reserves position for 2019/2020 as at Quarter 2 (30th September, 2019). The forecast general reserve balance at 31st March, 2020 of £6.136m represented 4.58% of net revenue expenditure as reported in the 2018/19 Revenue Outturn forms. The general reserve would therefore be £0.775m which was above the 4% target level of £5.361m.
The Committee AGREED to recommend that the report be accepted and the Joint Budget Scrutiny Committee:
· Note the planned forecast increase of the General Reserve to 4.58% (above the 4% target level) for 2019/2020 and future years strengthening the Council’s financial resilience;
· Consider the impact the £0.007m forecast adverse variance for 2019/2020 would have on the General Reserve target; and
· Continue to challenge budget overspends and implement appropriate service Action Plans, where required.
