Decision

The Cabinet has decided to set aside funds, transfer surplus to reserves, and approve a revised funding strategy for Poole museums capital schemes.

Analysis

outcome: The Cabinet agreed to set aside funds, transfer surplus to reserves, approve capital virements, and recommend a revised funding strategy for Poole museums capital schemes.

summary: The decision involves setting aside funds for potential risks associated with future income streams and transferring surplus to reserves, as well as approving a revised funding strategy for Poole museums capital schemes.

topline: The Cabinet has decided to set aside funds, transfer surplus to reserves, and approve a revised funding strategy for Poole museums capital schemes.

reason_contentious: This decision may be contentious as it involves financial management and potential increase in prudential borrowing, which could impact stakeholders and the council's financial position.

affected_stakeholders: ["Council members", "Finance department", "Residents of Poole"]

contentiousness_score: 6

political_party_relevance: There are no explicit mentions of political parties or political influence on the decision.

URL: https://democracy.bcpcouncil.gov.uk/ieDecisionDetails.aspx?ID=854

Decision Maker: Cabinet, Council

Outcome:

Is Key Decision?: No

Is Callable In?: No

Purpose: To provide the outturn information 2024/25

Content: RESOLVED that Cabinet: - (a)     Noted the final outturn position for 2024/25; (b)    Agreed to set aside £0.5m in an earmarked reserve to manage the potential risk associated with future income streams from the introduction of the resident card pilot scheme in 2025/26. (c)     Agree the residual surplus of £0.7m is transferred to unearmarked reserves. (d)    Agree the capital virements between schemes funded by the bus services improvement plan as set out in appendix C1. (e)     Note that the museums capital scheme is forecast to exceed the approved resources by £0.55m, alongside a £0.8m shortfall in third party contributions as set out in appendix C3. (f)      Recommend that Audit and Governance Committee recommend to Council to approve the revised funding strategy for the Poole museums capital schemes which will mean an increase in the approved prudential borrowing of £1.3m as set out in appendix C3. RECOMMENDED that Council: Approves the revised funding strategy for the Poole museums capital schemes which subject to Audit and Governance Committee approval will mean an increase in the approved prudential borrowing of £1.3m. Voting: Unanimous Portfolio Holder: Finance Reason To comply with accounting codes of practice and best practice which requires councils to regularly monitor the annual budget position and take any action to support the sustainability of the council’s financial position. To comply with the council’s financial regulations regarding capital virements, acceptance of grants and new borrowing.  

Date of Decision: July 16, 2025