This report provides an update on the revenue budget position of the Council and the reserve funds at the end of June 2017.

In accepting the recommendations, Cabinet will approve and recommend to Council that the budget remains at £7,210,600; the allocation from the one-off fund of £114,769 and the total amount of £75,368 as detailed within paragraph 6.3 of the report and note that the Economic Development Fund remaining balance to be allocated at paragraph 6.4 of the report is £831,432.

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 June 2017.

Cabinet asked a number of questions on the ‘Making a Difference’ grants scheme and sought clarification regarding the policy in relation to the grant fund criteria and timescales.  In addition confirmation was sought as to if the balance brought forward from 2016/17 of £52,030 was unallocated at 31 March 2017 and if so it should be returned to the One-Off Fund.  It was agreed that these details would be circulated to Members for information.

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 £7,210,600 as detailed at paragraph 3.3 of the report;

(2)     the allocation from the One-Off Fund at paragraph 6.7 of the report of £114,769 be approved; and

(3)     the total amount of £75,368 as detailed at paragraph 6.3 of the report be approved and it be noted that the Economic Development Fund remaining balance to be allocated as detailed at paragraph 6.4 of the report is £831,432.