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 September 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 3.8 of the report;
(2) that reserves will be used to cover the shortfall created by the covid-19 pandemic if sufficient funds are not received from Government at the yearend as detailed in paragraph 4.6 of the report;
(3) the allocation from the One Off Fund at paragraph 8.6 of the report of £231,000;
(4) that it will not be part of a Business Rates Pool or Pilot Scheme in 2021/22 as detailed in paragraph 9.1 of the report; and
(5) that a ‘vehicle’ is not to be set up as detailed in paragraph 10.0 of the report in relation to VAT partial exemption.