This report provides an update on the revenue budget position of the Council and the reserve funds at the end of September 2020.

That Cabinet approves and recommends to Council that the budget remains at £9,269,670 as detailed in paragraph 3.8 of the report; 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 year-end as detailed in paragraph 4.6 of the report; the allocation from the One Off Fund at paragraph 8.6 of the report of £231,000; 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 that a ‘vehicle’ is not to be set up as detailed in paragraph 10.0 of the report in relation to VAT partial exemption.

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:

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 3.8 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.