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

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

1.2 As is usual for April, a disproportionate amount of the year’s budget is expended – in particular, this is for annual insurances, subscriptions and berthing for Aegis at Conwy.

1.3 Members will note that Transport is running outside the budgeted predictions. This is due to 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. Efforts will be made to claw this back during the year ahead.

1.4 The majority of the Committee’s funds continue to be invested with Lancashire County Council – although rates have been slipping a little over the past few weeks, the current rate of just under 5% per annum is very competitive compared with those offered by banks or other acceptable institutions.