Caerphilly County Borough Council has agreed proposals to set aside £24.5million for investment in its ‘place shaping’ agenda.
The proposals form part of an annual ‘update on reserves’ report which was considered by the council’s Cabinet last month. A further report is expected in the spring outlining detailed proposals for investments in infrastructure and schools in the county borough.
Also included within the report is detailed information on other reserves, totalling around £119 million, held by the council and the reasons for them, such as monies ring-fenced as part of the Housing Revenue Account for delivery of the council’s Welsh Housing Quality Standard programme. Reserves are also held for committed capital projects, including investment in schools, and money to fund current apprenticeships across the council.
Cllr Eluned Stenner, the council’s Cabinet Member for Finance, Performance and Planning, said
“The report demonstrates that the council is well run and financially stable with healthy reserves. The report also highlights, however, that the majority of this reserve money is ring-fenced to existing projects and cannot be used to plug holes in the budget.
The £24.5 million reserves approved by Cabinet will now allow the council to develop its plans for place shaping, with investment in a number of significant capital developments in the county borough.”