Decision Maker: Mid Suffolk Cabinet
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
It was RESOLVED:-
1.1 That the 2018/19 financial outturn set out in the report be noted.
1.2 That the following net transfers of £3.462m be noted;
b) Of the remaining balance of the General Fund surplus £665k be transferred to the Growth and Efficiency Fund, £500k to the Commercial Development Risk reserve and £1.934m to the Business Rates Equalisation reserve, as referred to in section 2.1 (c) of the report.
1.3 That the General Fund carry-forward requests totalling £85k referred to in paragraph 5.9 of the report be approved.
1.4 That the total Capital carry-forward requests referred to in paragraph 5.17 of the report totalling £983k be approved.
Reason for Decision: To ensure that Members are kept informed of the outturn position for both General Fund Revenue and Capital and to approve the carry forward requests.
Alternative Options Considered and Rejected:
a) Transfer surplus funds of £3.462m to the Growth and Efficiency (GEF) reserve.
b) Transfer surplus funds of £3.462m to the Business Rates Equalisation reserve.
c) Transfer surplus funds of £1.934m to the Business Rates Equalisation reserve, surplus funds of £665k to the Growth and Efficiency reserve, £500k to the new Commercial Development Risk reserve and net transfers of £363k to specific earmarked reserves as detailed in 5.8 below.
d) To recommend carry forward requests for the General Fund (£85k) and Capital (£983k).
Any Declaration of Interest declared: None
Any Dispensation Granted: None
Publication date: 12/06/2019
Date of decision: 12/06/2019
Decided at meeting: 12/06/2019 - Mid Suffolk Cabinet
Effective from: 22/06/2019