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 six months, for the 2009/10 financial year.

He reported the forecast underspend of £367,040 (1.85%) on Service Committee budgets for the year and highlighted the level of outstanding debt by the end of October 2009. Members were pleased to note the decrease in debt over 30 days old over the ten month period and the good performance in relation to creditor payments.

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

A member queried the position in respect of the re-letting of 88 Fore Street.  The Director Economy and Development responded that this premises posed particular challenges but officers were actively pursuing the re-letting of the property. Executive congratulated the Estates team on their very successful record of negotiation for re-lets, particularly in respect of premises in South Street, and acknowledged the important source of revenue that lettings generated for the Council.

Executive noted:-

(1)        the General Fund forecast financial position for the 2009/10 financial year;

(2)        the HRA forecast financial position for the 2009/10 financial year;

(3)        the outstanding Sundry Debt position as at October 2009;

(4)        the recovery position of Icelandic Investment; and

(5)               the Statutory Performance Indicator BVP18 for creditors’ payments.