The subject of the decision:

This report presented the revenue outturn position for the year ending 31 March 2015, which included the position on reserves.  The Statement of Accounts, which was the consolidated financial position of the Council for 2014/15, was the responsibility of the Audit and Governance Committee which would meet on 22 September 2015 to approve the Annual Financial Report – Statement of Accounts.

Cabinet wished it to be noted that there was concern around the way in which the other parties interpreted the agreement with regards to the use of the Business Rate funding scheme.

Alternative options considered:

None.

The reason for the decision:

It is 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)     this Cabinet notes with disappointment the way other parties interpreted the agreement with regards to the use of the Business Rate funding scheme and that the view of the Leader and Chief Executive in paragraph 2.7 be supported;

(2)     the under spend of £253,030 on the 2014/15 revenue budget, at paragraph 2.3 and in Annex A of the report, be transferred to the One-Off Fund reserve;

(3)     the decrease in the One-off Fund at Quarter 4 £274,714, detailed at paragraph 3.3 and attached at annex ‘B’ of the report be noted;

(4)     the increase in the reserves position £50,757, at paragraph 3.1 and detailed in Annex ‘C’ be approved.