Issue - meetings

Report of Director of Resources

Purpose of report

This report summarises the Council’s Revenue and Capital position and treasury management performance for the first nine months of the financial year 2014-15 and projections for the full 2014-15 period.

To receive information on treasury management performance and compliance with treasury management policy during 2014-15 as required by the Treasury Management Code of Practice.

Recommendations

The Executive is recommended:

 1.1        To note the projected revenue and capital position at December 2014.

1.2         To note the quarter 3 (Q3) performance against the 2014-15 investment strategy and the financial returns from the funds.

Resolved

(1)          That the projected revenue and capital position at December 2014 be noted.

(2)          That the quarter 3 (Q3) performance against the 2014-15 investment strategy and the financial returns from the funds be noted.

The Director of Resources submitted a report which summarised the Council’s Revenue and Capital position and treasury management performance for the first nine months of the financial year 2014-15 and projections for the full 2014-15 period.

The report also present information on treasury management performance and compliance with treasury management policy during 2014-15 as required by the Treasury Management Code of Practice.

Resolved

(1)          That the projected revenue and capital position at December 2014 be noted.

(2)          That the quarter 3 (Q3) performance against the 2014-15 investment strategy and the financial returns from the funds be noted.

Reasons

In line with good practice budget monitoring is undertaken on a monthly basis within the Council. The revenue and capital position is reported monthly to the Joint Management Team and formally to the Budget Planning Committee on a quarterly basis.

The revenue and capital expenditure in Q3 has been subject to a detailed review by Officers and reported monthly to management as part of the corporate dashboard.

The CIPFA Code of Practice on Treasury Management which this Council has adopted requires a regular budget monitoring report. This full report was reviewed by the Accounts Audit and Risk Committee on the 21 January 2015.

Alternative Options

Option 1: This report illustrates the Council’s performance against the 2014-15 Financial Targets for Revenue and Capital. As this is a monitoring report, no further options have been considered. However, members may wish to request that officers provide additional information.