I'm not sure why your method isn't working. When I run it in 2010, it gets the right folder. I'm not sure why you think the current date folder will always be the first folder, but I've never used GetFirst, so maybe I just don't understand it. Here's a more straightforward way to test and create a folder and it may work for you.
Public Sub MoveToFldr(Item As MailItem)
Dim oFldr As Folder
Dim fReports As Folder
Set fReports = Application.GetNamespace("MAPI").GetDefaultFolder(olFolderInbox).Folders("Reports")
On Error Resume Next
Set oFldr = fReports.Folders(Format(Date, "yyyy-mm"))
On Error GoTo 0
If oFldr Is Nothing Then
Set oFldr = fReports.Folders.Add(Format(Date, "yyyy-mm"))
End If
Item.Move oFldr
End Sub