Decision details

The report of the Head of Treasury Services was submitted, advising Members of the overall projected financial position of the General Fund Revenue Budget after nine months, for the 2008-09 financial year.

Scrutiny Committee – Resources considered the report at their meeting on 25 March 2009 and the support and comments of Members were noted.

In response to a question regarding the investments in Icelandic banks, the Head of Treasury Services reported that the Council was working in conjunction with the Local Government Association and other authorities towards the recovery of the funds. Although it was anticipated that it would be a long process, he remained cautiously optimistic that a significant amount of the invested funds would be retrieved.

The Chief Executive confirmed that the Council, together with the Local Government Association and other local authorities, had continued to lobby the Government in respect of the Concessionary Fares Scheme and that the Minister for Transport was understood to be considering an alternative fairer formula for future years.

Members asked about the position in respect of outstanding debt and the Head of Treasury Services confirmed that there had been an increase over the quarter in debt over 30 days old. He reported that the whilst there had been a slight increase in Council Tax collection, there had been a small reduction in the level of Business Rate collection.  It was anticipated that debt recovery was likely to become harder in the current financial climate.  The Chair confirmed that the Council would continue with a fair but firm approach towards debt recovery.

Executive resolved that:-

(1)     the forecast financial position for the 2008-09 financial year be noted; and

(2)     the outstanding Sundry Debt position for the second quarter of 2008-09 be noted.