This report provides an update on the revenue budget position of the Council and the reserve funds at the end of June 2019.

In accepting the recommendations, Cabinet will approve and recommend to Council that the budget remains at £9,085,870 as detailed in paragraph 3.2 of the report; the total movement of the Economic Development Fund of £3,620 at paragraph 7.3 of the report to be allocated and to note that the Economic Development Fund remaining balance to be allocated at paragraph 7.4 of the report is £548,802; the allocation from the Council Tax Payers Reserve at paragraph 7.5 of £1,510,000; the allocation from the One Off fund at paragraph 7.6 of £257,280;the allocation from the Repairs and Renewal Fund at paragraph 7.9 of £50,000; and to note the waiver of procurement rules at paragraph 8.2 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 June 2019.

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 £9,085,870 as detailed in paragraph 3.2 of the report;

(2)     the total movement of the Economic Development Fund of £3,620 at paragraph 7.3 of the report to be allocated and to note that the Economic Development Fund remaining balance to be allocated at paragraph 7.4 of the report is £548,802;

(3)     the allocation from the Council Tax Payers Reserve at paragraph 7.5 of the report of £1,510,000;

(4)     the allocation from the One Off fund at paragraph 7.6 of the report of £257,280;

(5)     the allocation from the Repairs and Renewal Fund at paragraph 7.9 of the report of £50,000; and

(6)     to note the waiver of procurement rules at paragraph 8.2 of the report.