This report provides an update on the revenue budget position of the Council and reserve funds at the end of December 2016.

In accepting the recommendations Cabinet will approve and recommend to Council the budget increase at Paragraph 3.2 of the report in quarter 3 of £47,410 which results in a budget of £7,652,400; the allocation from the one-off fund at paragraph 6.5 of the report of £153,720; and a transfer of £100,000 is made from the Council Tax Payers Reserve to the One-Off Fund; and to note that the Economic Development Fund remaining balance to be allocated at paragraph 6.3 of the report is £19,597.

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 2016.

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 in quarter 3 of £47,410 which results in a budget of £7,652,400;

(2)     the allocation from the one-off fund at paragraph 6.5 of the report of £153,720; and

(3)     a transfer of £100,00 is made from the Council Tax Payers Reserve to the one-off fund.