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 2022.

The Deputy Leader of the Council wished to thank the Finance Team for the excellent way the finances of the authority had been managed over the last few years and wished to give specific thanks to the Chief Executive for his financial leadership and his achievements for the authority.

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 that:

(1)      the budget remains at £11,366,370 as detailed in paragraph 3.2 of the report for 2022/23;

(2)      budget pressures in 2022/23 are financed by an increase in the transfer from reserves as detailed in paragraph 3.3 of the report; and

(3)      the departmental budget movements as detailed in paragraph 3.7 of the report.