Agenda item

The Executive Head of Finance presented a report which detailed the Council’s budget position after the first 9 months of 2014/15, together with information on investments, debts and capital expenditure performance.

Having examined, with Service Managers, actual expenditure to date against profiled budgets for each budget area, he reported that the outcomes, based on the 3^rd Quarter figures, suggested that the Council would finish the year £98,000 or 1% under budget. However, this could change in the 4^th Quarter.

The original capital expenditure, proposed by the Executive in September 2014, had been increased from £4.694 million to £4.862 million to accommodate additional items. Since the report had been written the Council had committed to spend a further £18m on property acquisitions – some of which would fall into the next financial year. 

Following the recent Council decision to diversify its investments into property and corporate bond funds, the Committee welcomed the markedly improved interest rates which were being achieved through this initiative.

            Resolved, that the Finance Report  and the Revenue, Treasury and Capital position, as at 31 December 2014, be noted.