This report provides an update on the revenue budget position of the Council and the reserve funds at the end of September 2015.

In accepting the recommendations, Cabinet will approve and recommend to Council the budget increase at paragraph 3.2 by £468,260 to £7,386,540; the budget movements at paragraph 3.10 of £71,570 which overall have nil effect on the budget which are in accordance with the Council’s Financial Regulations; the allocation from the One-off Fund at paragraph 6.3 of £108,194; the allocation from the Repairs and Renewal Fund at paragraph 6.6 of £13,000 and the allocation from the Economic Development Fund at paragraph 6.2 of £1,619,348.

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 2015.

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:-

(1)     the budget increase at paragraph 3.2 of the report by £468,260 to £7,386,540;

(2)     the budget movements at paragraph 3.10 of the report of £71,570 which overall have nil effect on the budget which are in accordance with the Council’s financial regulations;

(3)     the allocation from the one-off fund at paragraph 6.3 of the report of £108,194;

(4)     the allocation from the Repairs and Renewal Fund at paragraph 6.6 of the report of £13,000; and

(5)     the allocation from the Economic Development Fund at paragraph 6.2 of the report of £1,619,348.