Issue - meetings

Report of the Cabinet Member Finance and Community Development

The Chief Finance Officer introduced the report and highlighted the key points. He explained that the Treasury Management  Code of Practice was updated in Nov 2009. The code now requires treasury activities to be reported to Council at least twice a year i.e. a mid term report and a year end outturn report.

In response to a question from a member, he referred members to the lending policy set out on page 186 which stated that new investments were restricted to UK banks.

The Chief Finance Officer updated members on the government settlement which had been announced earlier that day.

Upon the vote the recommendations were agreed unanimously.

Resolved that in compliance with the requirements of the CIPFA Code of Practice the report be noted.

Report of the Chief Finance Officer

RESOLVED THAT in compliance with the requirements of the CIPFA Code of Practice, the report, which summarised the treasury management activity during the first six months of 2010/11, be noted by Cabinet.

The Principal Accounting Technician introduced the report as circulated with the agenda.  He explained that since the adoption of the Chartered Institute of Public Finance and Accountancy’s (CIPFA) Code of Practice, there was a need to produce two outturn reports rather than one, as in previous years.

The report outlined the current levels of lending and borrowing for the Council and the Officer highlighted specific points from within the report.

Cabinet Member Finance and Community Development had what he said were obvious points to make.  Whilst interest rates were low, quantitative easing had, had an impact on inflation. 

Upon a vote it was unanimously

RESOLVED THAT in compliance with the requirements of the CIPFA Code of Practice, the report, which summarised the treasury management activity during the first six months of 2010/11, be noted by Cabinet.