Decision details

RESOLVED:

1.    That Cabinet note the Council’s revenue and capital positions for the year.

2.    That Cabinet approve the contribution of the £0.7m residual surplus to the General Fund Balance, maintaining the balance at c4.5% of the net revenue budget.

3.    That Cabinet approve a reserve contribution of £10.5m to the Budget Equalisation Reserve in relation to additional Business Rate Grant received late in the financial year. This is based on anticipated deficits in Borough and Districts collection funds relating to Government reliefs granted for retail and hospitality sectors during the pandemic (paragraph 28).

4.    That Cabinet approve capital carry forwards of £11.2m, consisting of £18.3m of slippage offset by £7.1m of accelerated spend.  Of the slippage, £14.2m is requested to be carried forward into the 23/24 capital programme, with the remaining £4.1m in 2024/25 (paragraph 46 - 47)

Reasons for Decisions:

This report is to comply with the agreed policy of providing a monthly budget monitoring report to Cabinet for approval of any necessary actions.

(The decisions on this item can be called in by the Resources and Performance Select Committee)