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

1.1 The report for the first seven 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 the cost of repairs to both of Aegis’s gear boxes and her raw water pumps.

1.3 Officers are still liaising with Lancaster University and with Estate Agents to try to find alternative accommodation for the Lancaster office – as previously advised, we are unlikely to find anything within our present budget.

1.4 The majority of the Committee’s funds continue to be invested with Lancashire County Council – the current rate of 5.95% per annum is very competitive compared with those offered by banks or other acceptable institutions.