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

In accepting the recommendation, Cabinet will approve and recommend to Council the budget increase at paragraph 3.2 of the report in quarter 3 of £399,290 which results in a budget of £7,785,830; the allocation from the one-off fund at paragraph 6.5 of the report of £90,145 and the allocation from the Repairs and renewals at paragraph 6.6 of the report of an additional £13,000.

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 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 that Council approves:-

(1)     the budget increase at paragraph 3.2 of the report in quarter 3 of £437,810 which results in a budget of £7,824,350; and

(2)     the allocation from the one-off fund at paragraph 6.5 of the report of £90,145.