Issue - meetings

(Joint Report of the Director and Consortium Treasurer)

The Management Committee considered a report from the Director giving an update on the financial implications of the Four Year Medium Term Financial Strategy and presenting the 2014-15 budget and outline budgets for the following three years.  A copy of the report, marked ‘item 7’, is filed with these minutes.

Arising from the presentation and discussion, the following points were noted:

(i)     That catalogue printing costs were covered by advertising income;

(ii)    That further savings were being achieved through transfer of a number of agency staff onto the ESPO staff establishment;

(iii)  That although ESPO was now in a positive cash position, the view of the senior management team, supported by the Consortium Treasurer, was that the cash was better used in investing and growing the business as opposed to paying down debt.

RESOLVED:

(a)  That the report be noted;

(b)  That the Four Year Medium Term Financial Strategy, which incorporates the recommended budget for 2014/15, and draft projected budgets for 2015/16, 2016/17 and 2016/17, be approved;

(c)  That the Director and Consortium Treasurer be thanked for the level of financial information and data provided in the report.