Agenda item 4 - MTFS (Final) Cab 070213 , item 9. PDF 1 MB

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Reserve movements Balance at 31st March 2012 Transfers Out 2012/13 Transfers In 2012/13 Balance at 31st March 2013 Annex 7 Notes £'000 £'000 £'000 £'000 Earmarked Reserves Capital Fund 15,655 -901 14,754 1 Insurance Fund 10,067 -5,110 5,718 10,675 2 Supporting People 1,558 -1,558 1,590 1,590 County Elections 490 151 641 Vehicle & Plant Replacement 110 110 Fire Service Pensions 227 227 Strategic Waste Reserve 12,577 1,000 13,577 3 Corporate Initiatives 487 -437 50 Fire Joint Training Centre 1,089 1,089 Invest to Save 4,826 -338 220 4,708 4 Transformation Reserve 16,040 -3,469 810 13,381 5 Impairment Reserve 3,237 -2,045 1,192 6 Economic Stimulus Reserve 3,965 4,828 8,793 7 Fire PFI Reserve - GFRS 201 201 Revenue Grant Reserves 9,068 -7,741 4,000 5,327 8 Rates Retention Reserve 0 1,900 1,900 9 Academies Reserve 0 1,000 1,000 10 Other Reserves 520 520 80,117 -21,599 21,217 79,735 Schools Related School Balances 15,142 -396 14,746 11 Dedicated Schools Grant Reserve 5,802 5,802 12 Standards Fund 1,393 1,393 Other Schools Related 511 -313 198 22,848 -709 0 22,139 Total 102,965 -22,308 21,217 101,874 General Fund Balances 18,497 - 1,224 19,721 13 Capital Grant Unapplied Reserve 2,721 -94 73 2,700 Total Useable Reserves 124,183 -22,402 22,514 124,295 The above forecasts assume a balanced outurn position on the revenue budget for 2012/13 65
Notes on Reserves Annex 7 1. The Capital fund balance assumes that £0.9m will be used to finance the capital programme in 2012-13, avoiding the need for additional borrowing. The remaining balance available is required from 2013/14 to support the capital programme to avoid additional borrowing and also fund debt redemption in line with Council Strategy. £4.8 million of external debt is due to mature in 2013/14 and there are also £41 million Lender Option Borrower Option Loans at risk of being called for repayment during 2013/14. In summary the capital fund is fully committed to funding liabilities associated with the capital programme. 2. The Insurance Fund’s estimated balance as at 31 st March 2013 is forecast to increase by £0.5m to support future fund liabilities. The balance required in the fund is based on a detailed analysis of existing and future liabilities, utilising the advice of the actuary and the Council’s insurers. 3. The Strategic Waste Reserve’s estimated balance as at 31 st March 2013 is 13.6 million, following a budgeted transfer of £1m from revenue and the consolidation of the waste fee reserve. The strategic waste reserve is fully committed to fund a £13m capital contribution to the proposed waste facility and a residual liability associated with Landfill Allowance trading, as approved by Cabinet in September 2012. 4. The Invest to Save reserve supports projects that are designed to deliver on-going savings in the future by providing “pump priming” funding. 5. The Transformation reserve was set up in 2009/10 to fund liabilities associated with the MtC programme. The reserve has been used to fund costs associated with redundancies etc. The reserve has also benefited from additions due to the early delivery of MtC projects resulting in the current forecast balance. Two transfers have been made out of this reserve to establish the Rates Retention (£0.3 million from the Transformation Reserve) and the Academies Reserve (£1 million from the Transformation Reserve). 6. The Impairment Reserve was established during 2009/10, to meet any potential losses from investments in Icelandic banks. It has now been confirmed that the Council is a priority creditor, so this reserve will be reduced as money is received back. Currently the recommended impairment provision for Iceland is £1.2m, with the remaining £1.6m within the reserve being transferred to create a new Rates Retention reserve. 7. The Economic Stimulus Reserve was agreed by Cabinet in February 2012 and is committed to fund a series of initiatives to support economic growth within Gloucestershire e.g. Rural Broadband. 8. Reserve established for specific unapplied revenue grants where conditions related to the grant have been fully met 9. The way that the Council is funded will change from 2013/14. As a result the Council will be subject to volatility around Business Rates collected. To minimise this volatility the Council will receive a “Top Up” Grant from Central Government, which means that only our “Baseline” position will be subject to the volatility. This figure accounts for £19.7 of our funding, and means that if our District Councils collect less business rates this figure could be lower. Central Government do have a safety net mechanism, that would mean that the Council would receive funding to offset this loss should Business Rates fall, however this safety net is set at 7.5% of the funding baseline (£66.1 million), meaning that our collected Business Rates would need to fall by £4.9m before the safety net would become payable. As a result of this potential funding gap a reserve will be created to help offset any loss in Business Rate income. This has been set at 10% of the rates exprosure at £1.9 million. 10. The Academies Reserve has been established following the announcement in the financial settlement that, from 2013/14 onwards, in-year funding adjustments will be made in relation to 66
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Gloucestershire County Council Medi
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7 The capital budget strategy refle
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This will then provide a further £
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The draft budget was also considere
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for non Academy Schools. These amou
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• Providing the basics - In the c
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(1) The budget provides for contrac
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Page 21 and 22: 2014/15 2015/16 £m £m Budget 420.
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Page 25 and 26: escheduling, and investments. • P
Page 27 and 28: ANNEX 1.1 : COMMISSIONING INTENTION
Page 29 and 30: Delivering Change Achieving improve
Page 31 and 32: Currently an estimated 38,000 older
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Page 35 and 36: Looking Forward Some of the changes
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Page 58 and 59: Forward Planning 2013/14 to 2015/16
Page 60 and 61: Revenue Outturn 2012/13 : Forecast
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Page 100 and 101: ANNEX 11 RISK MANAGEMENT STRATEGY 2
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Agenda item 4 - MTFS (Final) Cab 070213 , item 9. PDF 1 MB

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