Decision Maker: Cabinet
Decision status: For Determination
Is Key decision?: Yes
Is subject to call in?: No
The subject of the decision:
This report provided an update on the Revenue Budget position of the Council and the reserve funds at the end of December 2019.
Alternative options considered:
The reason for the decision:
It was a legal requirement under S25 of the Local Government Act 2003 to set a balanced budget and monitor the financial position throughout the year.
That Cabinet approves and recommends to Council:-
(1) that the budget remains at £9,085,870 as detailed in paragraph 3.2 of the report;
(2) the transfer of funds detailed in paragraph 7.5 of the report from the Council Tax Payers’ Reserve of £150,000 to the One Off fund in paragraph 7.6 of the report;
(3) the total movement of the Economic Development Fund of £193,404 at paragraph 7.3 of the report to be returned and to note that the Economic Development Fund remaining balance to be allocated at paragraph 7.4 of the report is £654,033;
(4) the allocation from the One Off Fund at paragraph 7.6 of the report of £321,924; and
(5) to approve the waiver as detailed in paragraph 8.2 of the report.
Reason Key: Expenditure > £50,000;
Wards Affected: All Wards;
Other reasons / organisations consulted
Contact: Louise Branford-White, Director of Finance (s151 Officer) Email: firstname.lastname@example.org.
Report author: Louise Branford-White
Publication date: 12/02/2020
Date of decision: 11/02/2020
Decided at meeting: 11/02/2020 - Cabinet