Last month, the council revealed it expected a deficit over £1million by the end of the financial year as a result of the continuing pressures of Covid-19 and the cost of taking its waste recycling service in house.
The authority outlined remedial measures, which it believed would reduce this amount to £355k, however the receipt of two Government grants has reduced this figure further.
A Cultural Recovery Funding Grant of £153k has been provided to offset the costs of operating venues and museums, as well as a new burdens grant of £62k.
A report into the council’s updated budget, which has been presented to Cabinet, stated: “These, together with a further review of fees and charges have produced a forecast balanced position in year.”
It added that the authority will continue to monitor the financial position over the next three months to ensure ‘the forecast remains positive’, and ‘identify areas where spending can be contained and income maximised’.