Agenda and minutes

Finance Portfolio Holder's Meeting - Tuesday, 17 February 2009 10.00 a.m.

Venue: Mezzanine, Second Floor. View directions

Contact: Guy Moody 08450 450 500

Items
No.	Item
33.	Declarations of Interest Minutes: There were no declarations of interest.
34.	Minutes of Previous Meeting and Matters Arising PDF 83 KB To agree the minutes of the meeting of 20 January 2009 as a correct record. Minutes: The minutes of the meeting of 20 January 2009 were agreed as a correct record. There were no matters arising.
35.	Integrated Business Monitoring Report PDF 229 KB View the background to item 35. Additional documents: Integrated Bus Mon - app 1 , item 35. PDF 56 KB Integrated Bus Mon - app 2 , item 35. PDF 54 KB Integrated Bus Mon - app 3 Facing Page , item 35. PDF 134 KB Integrated Bus Mon - app 3a , item 35. PDF 143 KB Integrated Bus Mon - app 4 , item 35. PDF 72 KB Minutes: Adrian Burns, Head of Accountancy, was in attendance for this item. The Portfolio Holder advised the meeting that he had asked for the report to be presented to allow the opportunity for discussion, as there had been significant changes to the financial projections made between November and December 2008. The Head of Accountancy advised the Portfolio Holder that the main items accounting for the significant changes in the General Fund, Housing Revenue Account and Capital Accounts were highlighted in paragraph 6 of the report, and further advised of the factors behind each item. The Portfolio Holder was further advised of the Housing Futures recharge from the Housing Revenue Account to the General Fund. The Head of Accountancy said that he believed that the recharge had been initiated following a meeting between the Housing Futures Project Manager, the Principal Accountant, Housing, and the consultants, and undertook to provide feedback to the Portfolio Holder of the reasons for the recharge at this stage. Action: Adrian Burns In reply to a question the Head of Accountancy advised the Portfolio Holder that estimates were reviewed by managers in November / December. Part of the reason for the variation was due to the recalculation of Recharges and the Benefit Holding accounts, whereas other accounts were managed on an ongoing basis. The Portfolio Holder requested that the differentiation between these two types of account be clarified for Member benefit. Action: Adrian Burns The Portfolio Holder commented that there had been large variations between the November and December updates but that these variations had been atypical, reflecting the current turbulent economic situation. The Head of Accountancy advised the Portfolio Holder that it was anticipated that there would be little change to the financial position in the January update. The report was NOTED.
36.	Forward Plan PDF 8 KB View the background to item 36. The Portfolio Holder will maintain, for agreement at each meeting, a Forward Plan identifying all matters relevant to the Portfolio which it is believed are likely to be the subject of consideration and / or decision by the Portfolio Holder, Cabinet, Council, or any other constituent part of the Council. The plan will be updated as necessary and published on the Council’s website following each meeting. The Portfolio Holder will be responsible for the content and accuracy of the forward plan. Minutes: The proposed agenda items for March 2009 were agreed and the Portfolio Holder requested a list of investments also be presented. Action: Adrian Burns It was noted that the Investment Strategy would be presented to Cabinet on 12 March 2009. The Portfolio Holder requested that, on publication of the Cabinet agenda, an email be sent to all members of his meeting highlighting the report. Action: Guy Moody The Portfolio Holder further requested that a rolling twelve-month forward plan be developed with monthly meetings populated with regular review items. Action: Guy Moody