Policy And Resources Committee - 16/08/2004

At a MEETING of the FINANCE COMMITTEE held at Dundee on 16th August 2004.

Present:-

BAILIES

COUNCILLORS

Councillor George REGAN, Convener, in the Chair.

The minute of meeting of this Committee of 28th June 2004 was held as read.

Unless marked thus * all items stand delegated.

I RELIEF OF RATES - CHARITY RELIEF

There was submitted Report No 536-2004 by the Depute Chief Executive (Finance) seeking authorisation to grant charity relief on the undernoted non-domestic properties.

The Committee approved accordingly.

II REVENUE MONITORING 2004/2005

There was submitted Report No 535-2004 by the Depute Chief Executive (Finance) providing the Committee with an analysis of the 2004/05 Projected Revenue Outturn as at 30th June 2004 monitored against the adjusted 2004/05 Revenue Budget.

The Committee:-

(i) noted that the overall General Fund 2004/05 Projected Revenue Outturn as at 30th June 2004 showed an overspend of 84,000 against the adjusted 2004/05 Revenue Budget;

(ii) noted that the Housing Revenue Account Projected Outturn was in line with the adjusted 2004/2005 Revenue Budget;

(iii) instructed the Depute Chief Executive (Finance) to take every reasonable action to ensure that the 2004/2005 Revenue expenditure was in line with the adjusted Revenue Budget; and

(iv) instructed the Depute Chief Executive (Finance), in conjunction with all Chief Officers of the Council, to continue to monitor the Council's 2004/2005 Projected Revenue Outturn.

III CAPITAL EXPENDITURE MONITORING 2004/2005

After considering Report No 523-2004 the Depute Chief Executive (Finance) advising members of the latest position regarding the Council's Capital Expenditure Programme for 2004/05, the Committee noted the contents of the report.

IV INSURANCE AND RISK MANAGEMENT PROGRAMME 2004/05

After considering Report No 526-2004 by the Depute Chief Executive (Finance) the Committee approved the insurance programme, self-funding and claims handling procedures for the 2004/2005 financial year.

V TREASURY MANAGEMENT - LENDING TO TAYSIDE CONTRACTS

There was submitted Agenda Note AN304-2004 indicating that Tayside Contracts Joint Committee had an annual capital expenditure requirement of circa 1.5m. In the past this capital expenditure had been funded mainly through leases, however, with the introduction of the Prudential Framework from 1st April 2004, the Tayside Contracts Management Team had been investigating how the Joint Committee could utilise this new borrowing regime and approached the Finance Department for assistance. The Council's Treasury Management external adviser had examined the options and recommended that the Council used its powers under the Prudential Framework to borrow from the Public Works Loans Board and thereafter lend the monies to Tayside Contracts at the prevailing interest rate.

The Committee approved an amendment to the Council's Treasury Management Policy to permit the Council to lend to Tayside Contracts for its capital expenditure requirements, it being noted that the Council's borrowing requirements would still be maintained within its approved prudential limits.

GEORGE REGAN, Convener.