Issue - meetings

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.

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.