Reserves play an important part in any sound financial strategy. They assist the Commissioner and Chief Constable to manage the budget in the short/medium term but also to invest in new initiatives that reinforce Derbyshire’s commitment to responding to the ever-changing profile of policing ‘demand’. A full definition of the different types of reserves held is available.
Our Reserves Strategy is refreshed each year, just before we set our budget. The current strategy was approved in November 2017 by the Commissioner (at the November 2017 Strategic Governance Board) as part of the update to our financial projections. Please note, Appendix B of the strategic governance board report refers specifically to the Budget and Reserves Strategy.
In January/February of each year, the Commissioner sets both the Budget and the Precept (contribution from council tax). As part of the papers that assist them in reaching that decision, we include a forecast of our reserves over the period covered by our Medium Term Financial Plan. In January 2018, we provided a list of all of our reserves and showed our forecasted usage until 2021/22. The Commissioner approved the movements to/from reserves for the forthcoming year (2018/19 in this case) but also noted the forecast for the years beyond that point.