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What are the Council's reserves?

What are the Council’s reserves, and what do we mean when we talk about ‘using them sustainably’? Reserves are like a savings and investment account for Councils, providing them with a cushion to help them pay for the things that they do. Shetland Islands Council is lucky. Thanks to a number of things, like our historic agreements with the local oil and gas industry, we have a pretty healthy pot - particularly when compared with other Councils across the UK right now. Our reserves currently sit at about £360 million (at 31st October 2023). But that still doesn’t mean we’re able to spend whatever we want. Every year we receive funding from the Scottish Government – that funding covers most of what we do, but not all of it. To help make up the shortfall – around £37 million in 2023/24 – we need to bring in income. One of the ways we can do this is to invest our reserves. If we spend too much we have less to invest the next year. Less money to invest means the amount we get back to help plug the gap decreases too. Over time, if we take too much, our reserves will fall, until they no longer bring in enough money to help us pay for what we do. It won’t happen overnight, but it’s important that we act responsibly today to protect our services and communities in the future. You can find out more about where our money comes from, and how we spend it visit https://www.shetland.gov.uk/budget-fi...