To provide Members with an up to date summary of the Committee’s financial situation.

1.1 The report for the first four months of the current financial year is attached (see Annex A).

1.2 Members will note that Transport is continuing to run outside the budgeted predictions. As reported previously, the main reason for this is an adjustment of £5,226 in the total cost of Aegis’ major refit, which arose too late to be included in the accounts for 2007-08. The unexpectedly high cost of fuel is also reflected in the Transport figures.

1.3 The overall financial position is well within budgeted figures, in part thanks to increased revenues from shellfish sampling.

1.4 The majority of the Committee’s funds continue to be invested with Lancashire County Council – the current rate of just under 5% per annum is very competitive compared with those offered by banks or other acceptable institutions.