{"content":[{"text":"Financial Reserves Policy","bbox":{"left":0.384684,"top":0.040835,"width":0.23067900000000008,"height":0.019583999999999997}},{"text":"FINANCIAL RESERVES POLICY","bbox":{"left":0.090708,"top":0.08369,"width":0.304595,"height":0.01962699999999999}},{"text":"Chiddingly Parish Council is required to maintain adequate financial reserves to meet the \n needs of the Parish Council. The purpose of this policy is to set out how the Council will \n determine and review the level of reserves.","bbox":{"left":0.090708,"top":0.121247,"width":0.792276,"height":0.05735399999999999}},{"text":"Sections 32 and 43 of the Local Government Finance Act 1992 require local authorities to \n have regard to the level of reserves needed for meeting estimated future expenditure when \n calculating the budget requirement.","bbox":{"left":0.090708,"top":0.196646,"width":0.80992,"height":0.05735499999999999}},{"text":"The Council will hold reserves for three main purposes: \n • A working balance to help cushion the impact of uneven cash flows and avoid \n unnecessary temporary borrowing \n • A contingency to cushion the impact of unexpected events or emergencies \n • A means of building up funds, to meet known or predicted requirements","bbox":{"left":0.090708,"top":0.27208,"width":0.7514810000000001,"height":0.09797699999999998}},{"text":"There is no specified minimum level of reserves that an authority should hold, and it is the \n responsibility of the Clerk/Responsible Finance Officer, in cooperation with the Finance \n Working Party, to advise the Council about the required and also about the available level \n of Reserves.","bbox":{"left":0.090708,"top":0.388101,"width":0.799119,"height":0.07616900000000004}},{"text":"GENERAL FUND","bbox":{"left":0.090708,"top":0.482409,"width":0.160068,"height":0.01962699999999995}},{"text":"The general fund, commonly termed the ‘working balance’, is a balance on the council’s \n operating account which is not held for any specific purpose other than to cushion the \n council’s finances against any unexpected short-term problems in the council’s cash flow. \n The general fund therefore excludes any “earmarked reserves” or CIL funds held by the \n Council.","bbox":{"left":0.090708,"top":0.520109,"width":0.795625,"height":0.09498300000000004}},{"text":"A surplus on the general fund may be used to fund capital expenditure, be appropriated to \n earmarked reserves, or used to limit any increase in the precept for the subsequent year. If \n the general fund becomes depleted below the minimum recommended by the RFO and \n accepted by Council, the fund will be built up in subsequent years (primarily through an \n allocation from the annual budget) to the agreed minimum balance.","bbox":{"left":0.090708,"top":0.633136,"width":0.808365,"height":0.09501899999999996}},{"text":"The level of general funds is a matter of judgement and this policy does not prescribe a \n specific level. However, the Council must maintain sufficient general funds to cover the key \n risks it faces, as expressed in its financial risk assessment. The levels may change from \n year to year. Guidance states that ‘a council should typically hold between 3 and 12 months \n expenditure as a general reserve’ (Good Councillors Guide on Finance & Transparency \n 2017).","bbox":{"left":0.090708,"top":0.746342,"width":0.816273,"height":0.11379700000000015}},{"text":"Page 1 of 2","bbox":{"left":0.452815,"top":0.940436,"width":0.09476999999999997,"height":0.01801699999999995}}],"images_bbox":[],"images_bbox_not_text_overlap":[]}