Issue - meetings

Report of the Cabinet Member Finance

The Cabinet Member Finance introduced the report which ensured that the authority had adopted the Code of Practice on Treasury Management 2009 and complied with its requirements. He highlighted the following :

·         short term borrowing was low as the aim was to keep external borrowing low in the current economic climate.

·         Long term loans comprised the additional £4.75m borrowed from the PWLB to finance the purchase of Delta Place

·         Security of capital remained the Council’s main investment objective. This was maintained by following the Council’s counterparty policy as set out in its Treasury management Strategy for 2015/16 for 2015/16 and restricted new investments.

·         the council anticipated an investment outturn of £123 200 against a budget of £60 000. He congratulated the Treasury Management team on this achievement.

·         The council had also operated within the treasury limits and Prudential Indicators set out in the Council’s Treasury Policy Statement and Annual Treasury Strategy Statement.

RESOLVED (unanimously)

1.   To note the contents of the summary report of the treasury management activity during the first six months of 2015/16.

Report of the Cabinet Member Finance

RESOLVED THAT the contents of the summary report of the treasury management activity during the first six months of 2015/16 be noted.

The Cabinet Member Finance, Councillor John Rawson introduced the report. The Treasury Management Strategy for 2015/16 had been determined by the adoption of the Chartered Institute of Public Finance and Accountancy’s (CIPFA) Code of Practice on Treasury Management 2009 (revised 2011), which includes the requirement for determining a treasury strategy on the likely financing and investment activity for the forthcoming financial year. The Code also recommends that members are informed of Treasury Management activities at least twice a year. This report therefore ensured the authority has adopted the code and complies with its requirements.

The Cabinet Member concluded it was a very satisfactory report and was very helpful to the council in formulating a balanced budget. He highlighted that the council was expected to exceed estimated investment income in 2015/6 which was an excellent result and he congratulated the Treasury Management Team.  

RESOLVED THAT the contents of the summary report of the treasury management activity during the first six months of 2015/16 be noted.