Issue - meetings

To receive the report of the Cabinet Member for Finance and Assets

            RESOLVED

(i)            That the transfer of £500,000 from the General Fund reserve to an earmarked transformation reserve be approved.

(ii)           That the Chief Executive, in consultation with the Leader, be authorised to use the transformation fund as appropriate.

REASON

To top up the earmarked transformation reserve for projects that will help transform the Council in the future.

The Cabinet Member for Finance and Assets reported that the Council had delivered a £621,000 revenue surplus in 2017/18 after allowing for budgets that would be carried over to 2018/19 to cover essential expenditure which had been unavoidably delayed.

The Council was currently forecasting small surplus budgets in 2018/19 and 2019/20.  This relied on the implementation of a range of actions to help deliver further income generation and efficiency measures, which required further investment in transformational projects.  Budget deficits were forecast in the 2020s.

It was therefore proposed that £500,000 should be transferred from the General Fund reserve to the earmarked transformation reserve to help with transformation projects in the future.  Effectively, this would be funded from the 2017/18 budget surplus.

The Finance and Assets Policy Development Advisory Group had been consulted and supported the proposal.

            RESOLVED

(i)            That the transfer of £500,000 from the General Fund reserve to an earmarked transformation reserve be approved.

(ii)           That the Chief Executive, in consultation with the Leader, be authorised to use the transformation fund as appropriate.

REASON

To top up the earmarked transformation reserve for projects that will help transform the Council in the future.