The Committee noted:

1.    The Council approach (as referenced in Capital Strategy and Reserve Strategy reports) of modelling on a fifty year basis but with more detailed focus and scrutiny on the first twenty years on a rolling basis of sinking fund reserves to continue to strengthen Council’s earmarked reserves position.

2.    That by successfully implementing the above approach, Spelthorne Borough Council had the highest ratio of usable revenue reserves to Net Revenue Expenditure (NRE) of any district or borough council in England.

3.    That subject to Council approval, the Outline Budget analysis indicated that Council would make a £2,988,286 net contribution to the rent equalisation reserve (sinking funds).

4.    That due to the successful redevelopment of the West Wing for affordable rental units, the Council should explore the feasibility of moving the Council’s offices to take advantage of the new hybrid working era and redevelop the remaining two wings to generate capital receipts and improve the Council’s carbon footprint.

5.    That the Council remained on track to build up its reserves to protect services and the interests of residents of the Borough.

6.    Officers would review and produce a 50-year sinking fund strategy, with a particular focus on the next five years, for consideration as part of the 2023-24 budget setting process.