It was resolved –

·        To note the draft unaudited main financial statements for 2020/21.

·        To note the position of general balances and earmarked reserves and to approve the creation of the new reserves noted in Appendix 4 of the report totalling £5,181,646.

·        To note the school balances position.

·        To approve increasing the minimum level of the General Reserve balance to £9m.This sum will be reviewed again as the 2022/23 revenue budget is set.

·        To approve the creation of Service Reserves totalling £1.376m as per Table 3, Appendix 1 of the report.

·        To authorise in principle, the use of up to £3.471m (£1.217m of the General Fund balance and £2.254m of uncommitted earmarked reserves) to fund specific projects designed to meet risks and challenges faced by the Council. The Executive will approve all new projects prior to their commencement.