The Cabinet considered an update on the Council’s Reserves Policy following the reporting of the Council’s 2019/20 outturn position; the 2020/21 Quarter 1 Budget Monitoring Update and the annual review of the Council’s Reserves Policy and agreed that:-
the annual review of Council’s 2020/21 Reserves Policy including the level and rationale for the reserves held be noted;
· the creation and reclassification of earmarked reserves held in line with the recommended amounts be approved;
· the review of resources to support the Council’s financial response to the COVID19 pandemic over the medium term period if needed and the opportunity cost to the Council of using the resources for this purpose rather than the purpose they were earmarked to be used for be noted;
· the recommendation to use resources held in earmarked reserves to support the Council financial response to the pandemic as a last resort to mitigate the impacts detailed in the report be noted; and
· the proposed 2020/21 Reserves Policy be approved.