Issue - meetings

To consider the report of the Head of Treasury Services.

Scrutiny Committee – Resources considered the report at its meeting on 24 March 2010 and 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 nine months, for the 2009/2010 financial year.

Scrutiny Committee – Resources considered the report at its meeting on 24 March 2010 and the comments and support of Members were noted.

Members were pleased to note the improved performance in the payment of creditors - over 96% of invoices had been paid within 30 days in the first three quarters of 2009/10 compared with 85.3% over the same period in the previous year.

Executive noted:

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

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

(3)        the outstanding Sundry Debt position as at 31 December 2009;

(4)        the recovery position of Icelandic investments; 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 nine months, for the 2009/2010 financial year.

Scrutiny Committee – Resources considered the report at its meeting on 24 March 2010 and the comments and support of Members were noted.

Members were pleased to note the improved performance in the payment of creditors - over 96% of invoices had been paid within 30 days in the first three quarters of 2009/10 compared with 85.3% over the same period in the previous year.

RESOLVED to note:

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

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

(3)        the outstanding Sundry Debt position as at 31 December 2009;

(4)        the recovery position of Icelandic investments; and

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

(Report circulated)

To consider the report of the Head of Treasury Services.

Scrutiny Committee – Resources considered the report at their meeting on 25 March 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 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.

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.

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.

(Report circulated)

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

The Head of Treasury Services presented the report which advised Members of the overall projected financial position of the General Fund Revenue Budget after nine months, for the 2008/09 financial year. The Service Committee budgets showed a forecast over spend of £444,550 (2.3%) against a revised budget of £19,633,140. This was an improvement compared to the previous overview report for the first six months that showed a forecast overspend of £1,251,630.

The main movement had occurred within Scrutiny Committee Resources for which there was now a predicted underspend of £562,110 as compared to the small overspend of £37,650 reported previously.

The overall net deficit was estimated to be £1,293,441 at 31 March 2009 this would be transferred from the General Fund Working Balance. The forecast General Fund Working Balance at 31 March 2009 was £6,158,105 and equated to 38.0% of the General Fund net expenditure.

The Head of Treasury Services stated that the situation with the funding invested in the Icelandic banks was complex and although still some months from being resolved, officers were more cautiously optimistic about the level of any recovery.

In answer to a Member’s question, the Chief Executive stated that the concessionary fare scheme was administered by Devon County Council through Devon Wide and should there be any evidence of wrong tickets being issued then this should be reported to Devon Wide for them to investigate. He confirmed that a three year financial settlement with Stagecoach which would fix the costs of concessionary travel arrangements had now been agreed.

Scrutiny Committee - Resources noted the report and recommended Executive to approve the forecast financial position for the 2008/09 financial year.

(Report circulated)