Decision details

The Group Director Corporate & Frontline Services presented Members with his report which set out the position with regard to one-off resources which have become available following a review of the Council’s earmarked reserves post completion of the audit process of the Council’s 2017/18 Statement of Accounts, including Insurance funding requirements.

The Director advised that the level and use of earmark reserves was constantly reviewed as part of the Council’s robust financial management arrangements and referred Members to section 4.3 of the report appendix which outlined the extent to which any amounts could be released.  Section 5.4 of the report appendix also provided narrative about potential areas for future investment (as outlined below), with £23.450M of investment which could be fully funded through a combination of the release of one off earmarked reserves plus prudential borrowing funded from reduced costs of insurance claims:

·         Extracare (£2.000M)

·         Making Better Use (MBU) / Traffic Management (£0.300M)

·         Parks and Green Spaces (£0.200M)

·         Strategic Regeneration Investment (£1.000M)

·         A4119 Dualling (£1.500M)

·         Llanharan Bypass (£0.500M)

·         Community Hubs (£0.250M)

·         Treorchy Link Road (£0.200M)

·         Aberdare Bypass (£1.000M)

·         Robertstown and Coedely (match funding) (£4.200M)

·         Highways Investment (to 2021) (£12.000M)

·         Bryn Pica Eco Park (£0.200M)

·         Community Enabling Fund (£0.100M)

The Leader welcomed the report and the opportunity for investment across the areas outlined, which had been previously identified within the Corporate Plan and the public pledge within the Labour Manifesto.  The Leader referenced the recent flooding that has been witnessed across parts of the County Borough and asked that  further funding be made available to the infrastructure reserve to help alleviate pressures and investment in this area going forward.

The Deputy Leader also spoke positively on the report and the opportunities available to the Council to invest whilst still facing austerity measures, commenting that this was attributable to the Councils sound financial management.

Following discussions it was RESOLVED:

1.            To propose the release of earmarked reserves, undertake prudential borrowing and resultant Investment Priorities as detailed at Appendix A to Council at its meeting on 24^th October 2018, subject to the inclusion of an additional £100k to the Infrastructure reserve.

2.            To receive a further update in early 2019 on Earmarked Reserve availability as part of the normal budget strategy work being undertaken in preparation for the 2019/20 financial year.