Issue - meetings

Report of Karen Curtin, Head of Service

Summary

This report summarises the Council’s Revenue and Capital performance for the first six months of the financial year 2011/12 and projections for the full 2011/12 period. These are measured by the budget monitoring function and reported via the Performance Management Framework (PMF) informing the 2011/12 budget process currently underway.

This report also reviews the treasury and procurement action plan performance for the first six months of 2011/12.

Recommendations

The Executive is recommended to:

(1)               Note the projected revenue & capital position at September 2011.

(2)               Note the Capital Slippage of £5.853m from the 2011/12 capital programme as detailed in the main body of this report.

(3)               Note the Quarter 2 performance against 2011/12 investment strategy.

(4)               Note progress against the Procurement Action plan detailed in Appendix 1 and the savings recorded in Appendix 2.

Recommendations approved.

Head of Service 4 submitted a report which summarised the Council’s Revenue and Capital performance for the first six months of the financial year 2011/12 and projections for the full 2011/12 period. These were measured by the budget monitoring function and reported via the Performance Management Framework (PMF) informing the 2011/12 budget process currently underway. The report also reviewed the treasury and procurement action plan performance for the first six months of 2011/12.

Councillor Les Sibley, Leader of the Labour Group, addressed Executive regarding the financial performance update. In response to the address, the Lead Member for Financial Management confirmed that the council would recover all of the £6.5m it had invested in the failed Icelandic bank Glitnir. This money was not required for Capital schemes which would be considered through the usual process. Members thanked Head of Service 4, the Finance Team and Legal Officers for their hard work throughout the legal process.

Resolved

(1)               That the projected revenue & capital position at September 2011 be noted.

(2)               That the Capital Slippage of £5.853m from the 2011/12 capital programme be noted.

(3)               That the Quarter 2 performance against 2011/12 investment strategy be noted.

(4)               That the progress against the Procurement Action plan and the savings recorded be noted.