Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
It was RESOLVED:-
1.1 That the 2019/20 financial outturn as set out in the report be noted.
1.2 That, the following net transfers of £219k be approved;
b) Of the remaining balance of the General Fund deficit £640k be transferred from the Business Rates Equalisation reserve and £355k to the Transformation Fund, as referred to in section 2.1 (b) of the report.
1.3 That the General Fund carry-forward requests totalling £153k referred to in paragraph 5.16 of the report be approved.
1.4 That the total Capital carry-forward requests referred to in paragraphs 5.20 and 5.21 of the report totalling £26.168m 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 earmarked reserve transfers and carry forward requests.
Alternative Options Considered and Rejected:
The options that have been considered are;
a) Withdraw funds of £219k from the Business Rates Equalisation Reserve
b) Transfer surplus funds of £355k to the Transformation Fund, withdraw funds of £640k from the Business Rates Equalisation reserve as explained further in the table in section 5.10 and net transfers of £66k to specific earmarked reserves as detailed in section 3.2(a) of the report.
c) To recommend carry forward requests for the General Fund of £153k and Capital of £26.168m.
Any Declarations of Interest Declared: None
Any Dispensation Granted: None
Publication date: 07/07/2020
Date of decision: 06/07/2020
Decided at meeting: 06/07/2020 - Babergh Cabinet
Effective from: 15/07/2020
Accompanying Documents: