The Risk and Insurance Officer introduced the report of the Assistant Director: Finance that set out the elements which made up the Insurance Fund, the cost of running the Risk & Insurance Section and the Budget for 2017/18 arising from the forecast of insurance costs.

The report informed that the Budget for 2017/18 was £135,000 less than the agreed Budget for 2016/17.

The report covered key points in relation to the following:

·  The Council’s approach to Risk Management and Financing;

·  Self-Funded Risks;

·  Insurance Contracts and Premiums;

·  Casualty (Liability) – improvements;

·  Material Damage and Business Interruption;

·  Comprehensive Motor – contract extension;

·  Other Risks; and

·  Administration.

The Risk and Insurance Officer informed that the 2017/18 Budget of £2,850,000 represented a reduction of £135,000 (4.5%) compared with the Budget for 2016/17. The forecast of greater income from Academies reflected the fact that more Academies had chosen to retain the services of the Risk and Insurance team than had been anticipated when the 2016/17 budget was prepared.

Members thanked the Officer for his positive report, endorsed the content and the Insurance Fund Budget 2017/18.

Resolved - That the Insurance Fund Budget 2017/18 be agreed.