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 2017.

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)     the budget increase at paragraph 3.2 of the report in Quarter 3 of £204,130 which results in a budget of £7,414,730;

(2)     the allocation of £23,850 from the Economic Development fund at paragraph 6.2 of the report and to note the remaining balance at paragraph 6.3 of the report is £564,725;

(3)     the transfer of £100,000 from the Council Tax Payers Reserve to the One-Off at paragraph 6.4 of the report;

(4)     the allocation from the One-off fund at paragraph 6.5 of the report of £24,412;

(5)     the transfer of £35,590 from salary savings in Planning Policy to the Local Plan Reserve at paragraph 6.10 of the report; and

(6)     to note the three waiver of procurement rules at paragraph 7.2 of the report.