Issue - meetings

The Financial Services Manager informed Members of the Committee that the Council was currently forecasting a £560k surplus (after taking into account carry forwards of £238k, the significant element of which related to projects which were being funded from earmarked reserves and which would continue into the new financial year).  There was a reduction of £15k since the Quarter 3 forecast.  The major variances being contained within the report.

With regard to capital out turn forecasts this was expected to be £9.4m, a request for approval by this Committee of carry forwards totalling £1.9m where schemes and potential acquisitions were now likely to continue into the new year.  The details of which could be found at Page 15 of the report.

Items of note were the use of Earmarked Reserves at paragraph 2 and successful grant bids at paragraph 3.

With regard to Treasury Management investment rates were at an all time low with overnight money at 0.26%.  However the Council continued to exceed its benchmark and had achieved a rate of 1.17% compared to 0.23%.

There had been no breaches of prudential indicators and no actual borrowing undertaken.

The previous Committee Chairman welcomed the fact that interest rates had improved over time, and the Members commended the report without further discussion.

RESOLVED

a)    the forecast out-turn position as at 31 December 2016 be accepted;

b)    the use of Earmarked Reserves approved by the Director of Resources using Delegated powers be accepted;

c)    the amendments to the Capital and Revenue budget, including creating budgets for projects funded by grants and not included in the original Capital Programme be approved;

d)    the Capital budget carry forwards of £1,879k and Revised Capital Budget of £9,707k be approved; and

e)    the Treasury Management Report and Treasury position to 31 December 2016 be accepted.