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CHELMSFORD CITY COUNCIL HAS JUST REPLIED (28/6/17) TO OUR FREEDOM OF INFORMATION REQUEST:

What are the reserves for?

The reserves are used for two reasons, namely:

i) Money set aside or saved to pay towards specific items. An example being the Chelmsford Development Reserve which will be used to part fund Riverside development. The project will cost in excess of £20 million.

ii) Money to cover risks to the Council’s finances. An example being an Insurance reserve to cover known and possible claims.

Can it ever be spent – have any of the reserves ever be spent?

Yes, money is spent from reserves for various reasons including: to fund expensive replacement equipment such as freighters or meeting the costs relating to the Government Business Rate retention scheme, Insurance claims, etc.

Is there a limit to how much money can be put in reserve – is it ever ‘enough’ whatever that means?

Chelmsford City Councils reserves are reviewed annually in the budget setting meeting of the Full Council.
External Auditors assess the Council’s financial accounts including the amount of reserves.
They have never been considered excessive.

Does the council ever touch it, which is the criteria for spending it?

Yes, Chelmsford City Council do use the reserves.
Each reserve has a specific purpose and criteria for its use.
An example being the Asset Replacement Reserve which was established to fund expensive replacement equipment such as refuse freighters.
We do not buy these items every year but set money aside in the Asset Replacement Reserve to fund them when required.
This avoids the need for the Council to borrow money to fund equipment.

The council claims it has little money, yet it has millions in reserve – what is the truth?

The Council has been setting aside once-off government grants in reserves to fund improvements in the Chelmsford area, including Riverside pool.
The level of reserves set aside to fund capital expenditure is currently some £10 million which will be spent by 2019/ 2020.
The amount of non-capital reserves is expected to fluctuate between £8 million to £9 million in 2017-2022.
This money is used to cover a number of expenditure items and financial risks, including insurance claims.
The amount should be judged in the context of an annual expenditure by the Council of approximately £94 million.


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