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:

None.

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.

The Decision:

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.