Issue - meetings

In February 2012, the Council adopted the 2011 edition of the CIPFA Treasury Management in the Public Services: Code of Practice, which requires the Council to approve a Treasury Management Strategy before the start of each financial year, review performance during the year, and approve an annual report after the end of each financial year.

This report gives details of performance against the Council’s Treasury Management Strategy and Annual Investment Plan for 2012/13.

The Council considered a report giving details of performance against the Council’s Treasury Management Strategy and Annual Investment Plan for 2012/13.

On a motion from Councillor David Bellotti, seconded by Councillor Paul Crossley, it was

RESOLVED

1.  To note the 2012/13 Treasury Management Annual Report to 31^st March 2013, prepared in accordance with the CIPFA Treasury Code of Practice;

2.  To note the 2012/13 actual Treasury Management Indicators; and

3.  To note the Debt rescheduling actions highlighted at paragraphs 5.13 – 5.15 of the report.

[Note: The above resolution was carried with all Councillors voting in favour except for one abstention.]

The CIPFA Treasury Management Code of Practice requires the Council to approve a Treasury Management Strategy before the start of each financial year, review performance during the year, and approve an annual report after the end of each financial year.  This report gives details of performance against the Council’s Treasury Management Strategy and Annual Investment Plan for 2012/13.

Councillor David Bellotti reminded Cabinet that the council had achieved a zero increase in Council Tax for 2 years, and he intended to hold it for another 2 years.  He was delighted that, having inherited borrowings of £204M, the Cabinet’s plans had reduced this to £120M.  By wise use of cash flow, the costs of delivery could be reduced – mainly by repaying the most expensive loans.  He expected borrowing to reach no higher than £150M.

He said that the Council had invested wisely, with no funds in Iceland or the Euro zone.  He moved the proposals.

Councillor Paul Crossley seconded the proposal.  He referred to the consistent top quality advice which had enabled the Council to set a good example by reducing borrowing.

On a motion from Councillor David Bellotti, seconded by Councillor Paul Crossley, it was

RESOLVED (unanimously)

(1) To NOTE the 2012/13 Treasury Management Annual Report to 31st March 2013, prepared in accordance with the CIPFA Treasury Code of Practice;

(2) To NOTE the 2012/13 actual Treasury Management Indicators;

(3) To NOTE the Debt rescheduling actions; and

(4) To AGREE that this Treasury Management Report and attached appendices will be reported to July Council.