The purpose of this report is to provide an update on the revenue budget position of the Council and the reserve funds at the end of June 2020.

In accepting the recommendations, Cabinet will approve and recommend to Council that the budget remains at £9,269,670 as detailed in paragraph 3.2 of the report; 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; the total allocation of the Economic Development fund of £507,960, leaving £481,316 at paragraph 9.4 of the report; the allocation from the Council Tax Payers Reserve at paragraph 9.5 of the report of £600,000; the transfer of £125,000 from the One Off Fund to Make a Difference Fund at paragraph 9.6 of the report; the allocation from the One Off fund at paragraph 9.7 of the report of £506,740; and the expenditure of £350,000 to support the professional advice fees for the Vehicle/Company Structure at paragraph 9.8 of the report.

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.