This report provides an update on the revenue budget position of the Council and the reserve funds at the end of December 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; 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 4.8 of the report; 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; 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 the allocation from the One Off Fund at paragraph 8.7 of the report of £101,150.

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:

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 £9,269,670 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.