Issue - meetings

To advise Members on the earmarked reserves for the year ending 2011/12 and to seek members approval for the movements in reserves.

(Report attached)

Members were advised of the earmarked reserves for the year ending 2011/12 and their approval sought for various movements in reserves.

It was noted at the outset that the reserves had increased significantly in recent years but that a number of items included on the statement were present through requirements of the accounting system.

It was noted that donations to Forge Mill Museum were recorded amongst the reserves and assurances were sought that this money would not be diverted to other purposes. Officers undertook to check that the money was earmarked for specific purposes at the Museum and that there was no intention to return the funds to balances.

RECOMMENDED that

1)         the movement in reserves as detailed in Appendix 1 to the report be approved;

2)         additional General Fund Reserves of £490K be approved;

3)         the use of General Fund Reserves of £498K be approved;

4)         additional HRA Reserves of £10K be approved; and

RESOLVED that;

5)         Heads of Service be requested to undertake a review of the earmarked reserves within their service areas and provide a report, including a justification for the maintenance of these reserves, for submission to the Committee alongside the budget monitoring report for the second quarter of the 2012/13 financial year.