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:

None.

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.

The decision:

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.