Issue - meetings

This report gives details of performance against the Council’s Treasury Management Strategy and Annual Investment Plan 2016/17 for the first three months of 2016/17.

The Cabinet are asked to note:

1)  The Treasury Management Report to 30th June 2016, prepared in accordance with the CIPFA Treasury Code of Practice; and

2)  The Treasury Management Indicators to 30th June 2016.

Councillor Paul Crossley made an ad-hoc statement by saying that report had given an interesting review of the European state post EU referendum.  Councillor Crossley asked for detailed analysis on the post EU referendum impact on the Council and also detailed analysis on our economy in regards of Hinkley Point.

Councillor Charles Gerrish said that he would ask the relevant officers to include this information in a future report.

Councillor Charles Gerrish said that this was a routine report which sets out the satisfactory position of the Council.  Councillor Gerrish highlighted that the average rate of investment return for the first three months of 2016/17 was 0.50%, which was 0.09% above the benchmark rate.  Councillor Gerrish also summarised borrowings and returns; strategic and tactical decisions; future strategic and tactical issues and budget implications.

Councillor Charles Gerrish moved the recommendations.

Councillor Michael Evans seconded the motion by saying that investments returns continue to be ahead of the benchmark rate; investment rates continue to reflect the Bank of England’s policy on maintaining low interest rates, which decreased to an historical low in August; and, the Council continues to not hold any direct investments in countries within the Eurozone.

RESOLVED (unanimously) that the Cabinet agreed:

1)  The Treasury Management Report to 30th June 2016, prepared in accordance with the CIPFA Treasury Code of Practice, is noted;

2)  The Treasury Management Indicators to 30th June 2016 are noted.

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