Issue - meetings

To consider the report of the Head of Treasury Services.

Scrutiny Committee – Resources considered the report at their meeting on 25 November 2009 and their comments will be reported.

(Report circulated)

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.

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.

RESOLVED to note:-

(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.

(Report circulated)

To consider the report of the Head of Treasury Services - report circulated

The Head of Treasury Services presented the report advising Members of the overall projected financial position of the General Fund Revenue Budget after six months, for the 2009/10 financial year. He informed Members that the outstanding debt at 31 March 2009 was £4.061m but by October 2009 it was £3.001m. The aged debt showed that of the £3.001m debt, £0.7m was less than 30 days old.  Debt over 30 days old had decreased over the ten months from £2.691m to £2.229m. The Council was now predicated to have an underspend of £300k for 2009/10.

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

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

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

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

(4)             recovery position of Icelandic investment; and

(5)             Statutory Performance Indicator BVPI8 for creditor’s payments.

(Report circulated)