6.
A report was submitted by the Treasurer to the Board to consider the Revenue Monitoring Statement to 30 June 2018.
Councillor Brown raised concern that the General Fund Reserve was used to fund the deficit for 2017/18 and that alternative ways of funding any future deficits should be looked at as the reserves could not be relied upon for this use.
The Assessor and ERO in response said that the organisation relies on grant funding and money from the 3 local authorities and he was aware that all organisations are looking at reducing budgets. He further added that it was not his intention to use reserves to fund any deficit this year but warned Members that the grant from the Cabinet Office was substantially lower than had been expected.
The Convener queried whether there is a minimum level of reserves which must be held. In response, the Treasurer replied that the Board can retain up to 3% of the budget in reserves but there is no plan to look at setting a minimum level for reserves.
Councillor Allard sought clarification on the timing of the grant award and was the notification later than normal. In response the Assessor and ERO confirmed that the timing of the grant award was as per previous years. He further confirmed that application forms have already been received for a Justification Led Bid with a submission deadline of January 2019. He asked that if the Board were minded to add their support to the Bid, it would be helpful. The Board agreed to support the bid.
Following consideration the Board agreed to note the Revenue Monitoring Statement to 30 June 2018.