A report by the Director of Finance set out the elements which make up the Insurance Fund, the cost of running the Risk and Insurance Section and the Budget for 2011/12.  The headline from the Budget was a reduction in estimated insurance costs for 2011/12 of almost £0.9 million (22%), partly due to the better terms arising from a major procurement exercise and continuing improvements in the claims experience.

RESOLVED: That

(1)  the Insurance Fund Budget 2011/12 be agreed;

(2)  savings of £588,000 to the General Fund and £285,000 to Schools in 2011/12 be agreed; and

(3)  the Director of Finance and his team be thanked for their hard work.