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AT A MEETING of the FINANCE AND GENERAL PURPOSES COMMITTEE held in the College on MONDAY 13 SEPTEMBER 2010 at 5.00 pm. Present

P FISK in the Chair A Armstrong A Isherwood J G Moorley and A Townsend. Apologies for absence were received from N Baldry and C Middlemass. Also in attendance L Oliver (Clerk) N Brewster and S Ruddock (Directorate) and L Heighton (Finance Manager). 1 Declarations of Interest There were no Declarations of Interest made prior to the commencement of

business. 2 Minutes

The Minutes of the meetings held on 7 and 29 June 2010 were confirmed as a correct record and signed by the Chair except that with regard to Minute 4 of the meeting held on 29 June 2010 – New Build Phases 2 and 3 - in the final paragraph the word ‘unauthorised’ be substituted with ‘value added’. With regard to Minute 3 of the meeting held on 29 June 2010 – Capital Funding for the Nursery- the Committee was informed that an additional £50k of roofing had been required and that as a consequence the upgrading of the external appearance of the building had been left in abeyance.

3 Financial Report

The Committee discussed and noted a report on the budget to June 2010 for the 2009/10 financial year. Included with the report were – Income & Expenditure Account Balance Sheet Cash Flow LSC Learner Responsive Funding

The report informed that there had been only minor changes since the last report.

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4 Financial Forecast Return and Commentary July 2010

The Committee considered the Financial Forecast Return and Commentary July 2009 to the Skills Funding Agency.

On the Balance Sheet (Table 2) the Committee was given explanations for the variances at columns 1(b) and 3(b)

With regard to Schedule 4 – Financial Health Grades (Column 9) the Committee were reminded that the Corporation had agreed for 2010 to moderate ‘inadequate’ up to ‘satisfactory’ and for 2011 moderate ‘good’ down to ‘satisfactory’.

5 Financial Improvement Plan II - Update

The Committee was informed that the planned savings of £1.643m would be achieved with anticipated savings of £1.688m

It had been possible to achieve this with only 64 FTE posts lost instead of the projected 100 plus.

The restructuring costs included in the savings figure amounted to £637k.

Following discussion it was agreed that the College should continue with the Financial Improvement Plan arrangements to prepare for future changes in funding.

Resolved

That all of the staff involved in ensuring the Financial Improvement Plan had been implemented so successfully, including the Staff Representatives be thanked on behalf of the Committee.

6 Date of Next Meeting

The Committee noted that its next meeting would be held on 25 October 2010.