Decision details

Following consideration of the officer report, appendices and discussion, the Executive:

a.        Agreed to note the final overall overspend for Somerset of £18.7m funded from reserves.

b.        Agreed the requested carry forwards of £0.5m.

c.        Noted the opening position of £26.8m General Fund Reserves as at the 1 April 2023.

d.        Approved that £23m of Earmarked reserves are transferred in General Fund Reserves to ensure they are maintained at the appropriate level and to receive a report detailing the amalgamated earmarked reserves position at the October Executive meeting. 

e.        Noted the opening position of £156.8m of Somerset Council earmarked reserves as set out in Table 4 of the report and the current commitments against those reserves.

f.         Agreed the additions and amendments to the Capital Programme in the last quarter.

g.        Noted the completed capital projects.

h.        Noted the position on capital receipts and commitments.

i.         Noted the outturn positions of Sedgemoor District Councils Housing Revenue Account (an underspend of £0.446m) and Somerset West and Taunton (an overspend of £0.227m). 

j.         Approved the capital carry forwards of £4.6m relating to Sedgemoor District Councils HRA.

k.        Approved the reduction of £8.8m for capital schemes no longer required within the previous Somerset West and Taunton HRA

The Executive recommended to Council:

l.         To note the year end position of the legacy Councils’ General Fund Capital Programmes and approve the carry forward requests of £99.5m and revised Capital Programme.

m.       To note the year end position of the legacy Councils’ HRA Capital Programmes and approve the carry forward requests of £90.4m and revised Capital Programme.

ALTERNATIVE OPTIONS CONSIDERED: As set out in the officer report

REASON FOR DECISION: As set out in the officer report