Agenda and minutes

Apologies for absence were submitted on behalf of Mr Gould and Mr Hulbert with the following substitution authorised in accordance with Council Procedure Rule 4.1:

Mrs A Hall for Mr Hulbert.  

To receive verbally from members any disclosures which they are required to make in accordance with the Council’s code of conduct or in pursuance of Section 106 of the Local Government Finance Act 1992.  This is in addition to the need for such disclosure to be also given when the relevant matter is reached on the Agenda.

No interests were declared at this stage.

To confirm the minutes of the meeting of the Finance Audit & Performance Committee held on 26 March 2012 attached.

On the motion of Mrs Camamile, seconded by Mr Moore, it was

RESOLVED – the minutes of the meeting held on 26 March 2012 be confirmed and signed by the Chairman.

Report of Deputy Chief Executive (Corporate Direction) attached.

Following a request at the last meeting Members were updated on the level of debt within the Commercial Estate and provided with information on the different sectors that are occupying units.

RESOLVED – the report be noted and for future reports the information on the level of debt be included as part of overall performance report of the Commercial Estates.

Report of Deputy Chief Executive (Corporate Direction) attached.

Members were presented with a report outlining the Council’s treasury management activity during the first nine months of the financial year 2011/12.  It was reported that due to the current financial climate investments were being moved more frequently to receive the highest dividend and the advice from the Council’s professional advisors was increasingly to invest short term.

RESOLVED – the report be noted.

As requested at the previous meeting the Deputy Chief Executive (Corporate Direction) presented an update on the current position regarding the MIRA Regional Growth Fund and highlighted the potential risks to the Council.  After discussion it was agreed that this be referred to the Scrutiny Commission as Members required further detail and representations from expert witnesses.