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 June 2020.
Alternative options considered:
The reason for the decision:
To comply with S25 of the Local Government Act 2003 regarding setting a balanced budget and monitoring the financial position throughout the year.
That Cabinet approves and recommends to Council that:-
(1) the budget remains at £9,269,670 as detailed in paragraph 3.2 of the report;
(2) the revised 2019/20 Revenue Outturn and position on the Council Tax Payers Reserve is a reduction of £150,539 to £1,086,421 detailed at paragraph 5.2 of the report;
(3) the total allocation of the Economic Development fund of £507,960, leaving £481,316 at paragraph 9.4 of the report;
(4) the allocation from the Council Tax Payers Reserve at paragraph 9.5 of the report of £600,000;
(5) the transfer of £125,000 from the One Off Fund to Make a Difference Fund at paragraph 9.6 of the report;
(6) the allocation from the One Off fund at paragraph 9.7 of the report of £506,740; and
(7) the expenditure of £350,000 to support the professional advice fees for the Vehicle/Company Structure at paragraph 9.8 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: 11/09/2020
Date of decision: 08/09/2020
Decided at meeting: 08/09/2020 - Cabinet