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

That Cabinet approves and recommends to Council the budget increase at paragraph 3.2 of the report in Quarter 3 of £204,130 which results in a budget of £7,414,730; the allocation of £23,850 from the Economic Development fund at paragraph 6.2 and to note the remaining balance at paragraph 6.3 of the report is £564,725; the transfer of £100,000 from the Council Tax Payers Reserve to the One-Off at paragraph 6.4 of the report; the allocation from the One-off fund at paragraph 6.5 of the report of £24,412; the transfer of £35,590 at paragraph 6.10 of the report from salary savings in Planning Policy to the Local Plan Reserve at paragraph 6.10 of the report; and to note the three waiver of procurement rules at paragraph 7.2 of the report.

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 2017.

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)     the budget increase at paragraph 3.2 of the report in Quarter 3 of £204,130 which results in a budget of £7,414,730;

(2)     the allocation of £23,850 from the Economic Development fund at paragraph 6.2 of the report and to note the remaining balance at paragraph 6.3 of the report is £564,725;

(3)     the transfer of £100,000 from the Council Tax Payers Reserve to the One-Off at paragraph 6.4 of the report;

(4)     the allocation from the One-off fund at paragraph 6.5 of the report of £24,412;

(5)     the transfer of £35,590 from salary savings in Planning Policy to the Local Plan Reserve at paragraph 6.10 of the report; and

(6)     to note the three waiver of procurement rules at paragraph 7.2 of the report.