Policy And Resources Committee - 08/03/2004

At a MEETING of the FINANCE COMMITTEE held at Dundee on 8th March 2004.

Present:-

BAILIES

COUNCILLORS

Councillor REGAN, Convener, in the Chair.

The minute of meeting of this Committee of 16th February 2004 was held as read.

Unless marked thus * all items stand delegated.

I MINUTE OF MEETING OF AUDIT AND RISK MANAGEMENT SUB-COMMITTEE

The minute of meeting of the Audit and Risk Management Sub-Committee of 19th January 2004, a copy of which is appended hereto, was submitted for information and record purposes.

II CAPITAL EXPENDITURE MONITORING 2003/04

After considering Report No 178-2004 by the Depute Chief Executive (Finance) appraising members of the latest position regarding the Council's expenditure programme for 2003/04, the Committee noted the contents of the report.

III REVENUE MONITORING 2003/04

After considering Report No 202-2004 by the Depute Chief Executive (Finance) providing the Committee with analysis of the 2003/04 Projected Revenue Outturn as at 31st January 2004, monitored against the adjusted 2003/04 Revenue Budget, the Committee:-

(a) noted that the overall General Fund 2003/04 Projected Revenue Outturn as at 31st January 2004 showed an underspend of 92,000 against the adjusted 2003/04 Revenue Budget;

(b) noted that the Housing Revenue Account Projected Outturn was in line with the adjusted 2003/2004 Revenue Budget;

(c) instructed the Depute Chief Executive (Finance) to take every reasonable action to ensure that the 2003/04 Revenue expenditure was in line with the adjusted Revenue Budget; and

(d) instructed the Depute Chief Executive (Finance), in conjunction with all Chief Officers of the Council, to continue to monitor the Council's 2003/04 Projected Revenue Outturn.

IV RELIEF OF RATES - CHARITY RELIEF

Councillor FitzPatrick declared a non-financial interest in this item being a member of the Clepington Working Men's Gardens Association.

There was submitted Report No 189-2004 by the Depute Chief Executive (Finance) seeking authorisation to grant Charity Relief on the undernoted non-domestic properties:-

The Committee approved accordingly.

V TREASURY MANAGEMENT STRATEGY 2004/2005

On a reference to Article VI of the minute of meeting of this Committee of 11th March 2002 there was submitted Report No 96-2004 by the Depute Chief Executive (Finance) introducing the Dundee City Council Treasury Management Strategy for 2004/2005.

The Committee:-

(1) noted that in terms of the Treasury Policy Statement, the Depute Chief Executive (Finance) was obliged to present the Annual Treasury Management Strategy at the start of each financial year; and

(2) approved the Strategy proposed by the Depute Chief Executive (Finance) for 2004/2005 as set out in the document "Treasury Management Strategy 2004/2005".

VI REMIT OF SUPERANNUATION INVESTMENT SUB-COMMITTEE

On a reference to Article II of the minute of meeting of this Committee of 12th February 1996 there was submitted Report No 95-2004 by the Depute Chief Executive (Finance) updating the remit of the Superannuation Investment Sub-Committee.

The Committee approved the undernoted revised remit:-

(i) monitoring investment performance of Fund managers;

(ii) the review of investments and managers;

(iii) the review of asset allocation in light of the Funds' maturity profiles;

(iv) the investment of new funds at the disposal of the Council;

(v) ensuring appropriate custody arrangements are made for all Funds' assets;

(vi) approving the Funds' Statement of Investment Principles at least annually and ensuring ongoing compliance with this,

(vii) monitoring the managers' implementation of the Funds Socially Responsible Investment policy;

(viii) approving and reviewing the Funds' annual Business Plan;

(ix) arranging the appointment of external advisers as required; and

(x) considering any other matters which may affect the management or value of the Funds' investments.

All other operating arrangements remain unchanged.

VII RECOVERY OF HOUSING BENEFIT OVERPAYMENTS

There was submitted Report No 244-2004 by the Depute Chief Executive (Finance) asking the Committee to consider the Council's policy in respect of the recovery of Housing Benefit Overpayments.

The Committee approved the proposals set out in paragraphs 6.6 and 6.7 of the report.

GEORGE REGAN, Convener.

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