Decision Maker: Cabinet
Decision status: Recommendations Approved
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 2020.
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 £9,269,670 as detailed in paragraph 3.2 of the report;
(2) that any COVID-19 funding received from Government to support expenditure that is not used in 2020/21 is carried forward into 2021/22 as detailed in paragraph 4.2 of the report;
(3) that reserves will be used to cover the loss of income created by the COVID-19 pandemic if sufficient funds are not received from Government at the year-end as detailed in paragraph 4.9 of the report;
(4) the total movement of the Economic Development Fund of £465,914 at paragraph 8.2 and to note that the Economic Development Fund remaining balance to be allocated at paragraph 8.5 of the report is £225,638;
(5) the transfer of funds detailed in paragraph 8.2 of the report from the Economic Development Fund of £1,200,000 to the Council Tax-Payers Reserve in paragraph 8.6 of the report; and
(6) the allocation from the One-Off Fund at paragraph 8.7 of the report of £101,150.
Reason Key: Affects more than 2 wards;
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: 11/02/2021
Date of decision: 09/02/2021
Decided at meeting: 09/02/2021 - Cabinet