This report provides an update on the Revenue Budget position of the Council and the reserve funds at the end of December 2018.

In accepting the recommendations, Cabinet will approve and recommend to Council the budget decrease at paragraph 3.3 of the report in Quarter 3 of £85,750 which results in a budget of £8,010,420; the transfer of funds detailed in paragraph 3.6 of the report to the Local Plan Reserve of £110,070 and Repairs and Renewal budget of £30,000 at Quarter 4 from the expected surplus or Council Tax Payers Reserve; to approve the total amount of new expenditure of £1,964 in the Economic Development Fund at paragraph 6.2 and to note that Economic Development fund remaining balance at paragraph 6.3 of the report is £580,199; to approve the allocation from the One-Off fund at paragraph 6.5 of the report of £19,030; to approve the roll forward to 2019/20 of £4,591 from the Make a Difference Fund at paragraph 6.8 of the report; to approve the £60,000 allocation and roll forward of £40,000 to 2019/20 from the Income Generating Fund at paragraph 6.10 of the report; to approve the allocation of £47,500 from the Grants Reserve and £42,500 from the Community Housing Fund as per paragraph 6.11 of the report; and to approve the waiver as detailed in 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 2018.

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 decrease at paragraph 3.3 of the report in Quarter 3 of £85,750 which results in a budget of £8,010,420;

(2)     the transfer of funds detailed in paragraph 3.6 of the report to the Local Plan Reserve of £110,070 and Repairs and Renewal budget of £30,000 at Quarter 4 from the expected surplus or Council Tax Payers Reserve;

(3)     to approve the total amount of new expenditure of £1,964 in the Economic Development Fund at paragraph 6.2 and to note that Economic Development fund remaining balance at paragraph 6.3 of the report is £580,199;

(4)     to approve the allocation from the One-Off fund at paragraph 6.5 of the report of £19,030;

(5)     to approve the roll forward to 2019/20 of £4,591 from the Make a Difference Fund at paragraph 6.8 of the report;

(6)     to approve the £60,000 allocation and roll forward of £40,000 to 2019/20 from the Income Generating Fund at paragraph 6.10 of the report;

(7)     to approve the allocation of £47,500 from the Grants Reserve and £42,500 from the Community Housing Fund as per paragraph 6.11 of the report; and

(8)     to approve the waiver as detailed in paragraph 7.2 of the report.