Ashington Town Council could earn thousands of pounds a year in interest on its reserves — at lower risk than its current banking arrangements — under a new treasury management plan recommended by the Council’s Finance and General Services Committee, which goes to Full Council for approval next week.

The proposal is the final step in a systematic review of the Council’s finances which began in 2022, when the Council first allocated its reserves to specific purposes — setting money aside for the future replacement of play areas, elections, allotments and other known costs — followed by the adoption of a formal Reserves and Contingency policy. The proposed Investment Strategy and Treasury Management Policy would complete that work.