Agenda item

a)  That the following aspects of the report be noted:

  i.  Project management

  ii.  Financial performance – revenue and capital

·  Note the current projected outturn position on the General Fund of an overspend of £17K.

·  Note that the Housing Revenue Account (HRA) reported a forecast Deficit of £70K.

·  Note the identified areas of risk and emerging issues.

b)  Note the updated position regarding down grading of counter party lists.

c)  That the Strategic Director of Resources & Regeneration be authorised, after consultation with the Leader of the Council, to act on the advice of the retained advisors and modify the parameters of the approved counter party lists to enable continued investment where appropriate. (Taken as an urgent decision).*

The Cabinet was presented with a report highlighting the Council’s overall performance from delivery of service to financial management covering the period, up to an including August 2011.  The report covered the Council’s key areas, which included the Gold Projects covering the period to 31 August 2011 and the Revenue and Capital Monitoring position to 31^st August 2011.

The Cabinet was provided with supplementary information with regard to the Treasury Management Policy – Counter party List.  It was recommended that the threshold credit criteria be lowered to accommodate the important UK banks affected by the recent credit downgrades.  It was proposed that the Director of Resources and Regeneration, after consultation with the Leader of the Council, and with advice taken from advisors, should have the ability to modify the parameters, as an interim measure.

Resolved:

a)  That the following aspects of the report be noted:

  i.  Project management

  ii.  Financial performance – revenue and capital

·  Note the current projected outturn position on the General Fund of an overspend of £17K.

·  Note that the Housing Revenue Account (HRA) reported a forecast Deficit of £70K.

·  Note the identified areas of risk and emerging issues.

b)  That the updated position regarding down grading of Counter Party lists be noted.

c)  That the Strategic Director of Resources & Regeneration be authorised, after consultation with the Leader of the Council, to act on the advice of the retained advisors and modify the parameters of the approved counter party lists to enable continued investment where appropriate. (Taken as an urgent decision).