This report provides an update on the revenue budget position of the Council and the reserve funds at the end of December 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 transfer of funds detailed in paragraph 7.5 of the report from the Council Tax Payers’ Reserve of £150,000 to the One Off Fund in paragraph 7.6 of the report; the total movement of the Economic Development Fund of £193,404 at paragraph 7.3 of the report to be returned and to note that the Economic Development Fund remaining balance to be allocated at paragraph 7.4 of the report is £654,033; the allocation from the One Off Fund at paragraph 7.6 of the report of £321,924 and to approve the waiver as detailed in 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 December 2019.

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)     that the budget remains at £9,085,870 as detailed in paragraph 3.2 of the report;

(2)     the transfer of funds detailed in paragraph 7.5 of the report from the Council Tax Payers’ Reserve of £150,000 to the One Off fund in paragraph 7.6 of the report;

(3)     the total movement of the Economic Development Fund of £193,404 at paragraph 7.3 of the report to be returned and to note that the Economic Development Fund remaining balance to be allocated at paragraph 7.4 of the report is £654,033;

(4)     the allocation from the One Off Fund at paragraph 7.6 of the report of £321,924; and

(5)     to approve the waiver as detailed in paragraph 8.2 of the report.