The subject of the decision:

This report presented the revenue outturn position for the year ending 31 March 2020, which includes the position on reserves. The Statement of Accounts, which was the consolidated financial position of the Council for 2019/20, was the responsibility of the Audit, Governance and Standards Committee which will meet on 20 October 2020 to approve the Annual Financial Report – Statement of Accounts.

Alternative options considered:

None.

The reason for the decision:

To comply with the 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 transfer to the Council Tax Payers reserve of £1,236,960 as detailed in paragraph 2.4 of the report, which represents the underspend of £20,943 and estimated increased business rates at £215,119;

(2)     that the transfer to or from the Council Tax Payers Reserve for the 2019/20 position will change at Quarter 1 2020/21 in relation to the estimated business rates position as detailed in paragraph 2.5 of the report be noted;

(3)     the increase in the reserve position of £232,464 at paragraph 3.2 and detailed in Annex C of the report;

(4)     the increase in the use of the One Off fund at Quarter 4 of £48,523, detailed in paragraph 3.5 and attached at Annex B of the report;

(5)     the roll forward of £50,000 Repairs and Renewals reserve as stated in paragraph 3.6 of the report;

(6)     the transfer of the One Off allocation in paragraph 4.1 of the report totalling £85,948;

(7)     the position of the Community Infrastructure Levy (CIL) in paragraph 5.1 of the report be noted; and

(8)     the waiver of procurement rules in paragraph 6.2 of the report be noted.