Issue - meetings

To consider the report of the Assistant Director Finance.

Scrutiny Committee – Resources considered the report at its meeting on 21 March 2012 and comments will be reported.

(Report circulated)

(Minute 43)

The report of the Assistant Director Finance was submitted, advising Members of the overall projected financial position of the General Fund Revenue Budget and Housing Revenue Account (HRA) after nine months, for the 2011/12 financial year.

Members noted the main variances in the General Fund budgets and the net surplus in the Housing Revenue Account that would be transferred to the HRA working balance.

Scrutiny Committee – Resources considered the report at their meeting of 21 March 2012 and members’ comments and support were noted.

Executive recommended that Council approves:

(1)        the General Fund forecast financial position for the 2011/12 financial year;

(2)        the HRA forecast financial position for 2011/12 financial year;

(3)        the outstanding Sundry Debt position as at December 2011; and

(4)        the creditors’ payments performance.

The report of the Assistant Director Finance was submitted, advising Members of the overall projected financial position of the General Fund Revenue Budget and Housing Revenue Account (HRA) after nine months, for the 2011/12 financial year.

Members noted the main variances in the General Fund budgets and the net surplus in the Housing Revenue Account that would be transferred to the HRA working balance.

Scrutiny Committee – Resources considered the report at their meeting of 21 March 2012 and members’ comments and support were noted.

RECOMMENDED that Council approves:

(1)        the General Fund forecast financial position for the 2011/12 financial year;

(2)        the HRA forecast financial position for 2011/12 financial year;

(3)        the outstanding Sundry Debt position as at December 2011; and

(4)        the creditors’ payments performance.

(Report circulated)

To consider the report of the Assistant Director Finance – report circulated

The Assistant Director Finance presented the report advising Members of the overall projected financial position of the General Fund Revenue Budget and Housing Revenue Account after nine months, for the 2011/12 financial year.

The Service Committee budgets showed a forecast overspend of £101,440 (0.78%) against a revised Service Committee Net Expenditure budget of £13,003,620 and an overall overspend of £22,701 against General Fund Expenditure including investment interest and funds set aside for the repayment of debt.

He advised that Scrutiny Committee - Community had an underspend of £201,300, Scrutiny Committee - Economy an overspend of £20,250 and Scrutiny Committee - Resources an overspend of £279,730.

In answer to a Member’s question, the Assistant Director Finance advised that the

increase in payments to the pension fund administered by Devon County Council were to meet the approved cost of redundancies which had resulted in an overspend of £403,490. These costs could not be capitalised.

Members were updated on the Icelandic Bank position and that the Council had, to date, received £1.7 million back from Glitnir Bank and just under £1 million from Landsbanki. It was anticipated that the Council would get back 100% of the monies invested in Glitnir Bank and 95% from Landsbanki although it could take some years for these monies from Landsbanki to be returned.

The Scrutiny Committee - Resources supported the report and recommended approval by Council of the:-

(1)             General Fund forecast financial position for the 2011/12 financial year;

(2)             HRA forecast financial position for 2011/12 financial year;

(3)             outstanding Sundry Debt position as at December 2011; and

(4)                           the creditors’ payments performance.

(Report circulated)