Issue - meetings

Report of Head of Finance and Procurement

Summary

This report summarises the Council’s Revenue and Capital performance for the first 3 months of the financial year 2012/13 and projections for the full 2012/13 period.

The report also considers treasury and procurement performance for the first quarter and compares against strategy and action plans.

A short update on the Local Government Resources Review (LGRR) Project is also included.

Recommendations

The Executive is recommended:

(1)               To note the projected revenue & capital position at June 2012.

(2)               To note the Q1 performance against the 2012/13 investment strategy and the financial returns from each of the 3 funds.

(3)               To note the contents and the progress against the Corporate Procurement Action Plan (detailed in Appendix 1) and the Procurement savings achieved at June 2012 (detailed in Appendix 2).

(4)               To note the latest position on the LGRR project.

Approved

The Head of Finance and Procurement submitted a report which summarised the Council’s Revenue and Capital performance for the first 3 months of the financial year 2012/13 and projections for the full 2012/13 period. The report also considered treasury and procurement performance for the first quarter and compares against strategy and action plans. A short update on the Local Government Resources Review (LGRR) Project was also included.

In introducing the report the Lead Member for Financial Management reported on the many achievements of the first quarter.  The variances on the revenue and capital projections were within the Council’s stated tolerances of +2% / -5% and all peaks and troughs should even out over the course of the year. 

The Joint Procurement Team had been in place since the beginning of July and has been working together on drawing up a joint forward plan to provide savings targets and support a range of programmes across the Councils. Cashable savings had already been made and procurement exercises were also underway with Stratford District Council which would bring financial benefit.

Members were advised that the LGRR was progressing and that the LGRR project team are continuing to meet to model the financial and other implications so that they can feed into the medium term financial forecast and corporate planning.

Resolved

(1)               That the projected revenue & capital position at June 2012 be noted.

(2)               That the Q1 performance against the 2012/13 investment strategy and the financial returns from each of the 3 funds be noted.

(3)               That the contents and the progress against the Corporate Procurement Action Plan and the Procurement savings achieved at June 2012 be noted. .

(4)               That the latest position on the Local Government Resources Review project be noted.

Reasons

This report illustrates the Council’s performance against the 2012/13 Financial Targets for Revenue, Capital, Treasury and Procurement Monitoring.

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