8 School Reserves 2014/15 Final Out-Turn PDF 69 KB
To consider a report
of the Corporate Director for Corporate and Support Services.
The report provides detail on the reported balances held in
relation to the three insurance schemes operated and administered
by the LA on behalf of schools and the planned deployment of
reserves held by the LA as at 31 March 2015.
The Forum is invited to consider the detailed
recommendations in the report.
Officer Contact: Peter Hughes on 0161 474 3947 or email peter.hughes@stockport.gov.uk.
Additional documents:
Minutes:
A representative of
the Corporate Director for Corporate and Support Services submitted
a report (copies of which had been circulated) providing an update
on the level of school reserves held in relation to insurance
schemes that are administered by the Local Authority and requesting
the Forum to determine how the reserves held by the Local Authority
in relation to administered insurance schemes are used.
The Local Authority operated/administered three separate insurance
schemes on behalf of schools, namely Long Term Sickness, Laptops
and Balance of Risks, which were provided on a school by school
optional basis via the payment of an annual premium. All the
schemes had reported an operating in-year surplus and in line with
previous Schools Forum discussion all such surplus monies would be
redistributed pro-rata to the schools who had bought back into the
relevant schemes.
The total closing balance for all three schemes was £0.927m
for the 2014/15 financial year inclusive of £0.149m earmarked
for specific projects from the 2011/12 balance of which
£0.139m previously earmarked to support a number of risk
management initiatives remains unspent.
RESOLVED – (1) That the report be
noted.
(2) That surplus funds totalling £0.348 (i.e £0.209m in-year operating surplus plus
£0.139 agreed) be re-distributed to schools.