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 2018/19 for the first six months of 2018/19.

The Council considered the Treasury Management quarter 2 performance report.

On a motion from Councillor Charles Gerrish, seconded by Councillor Paul May, it was unanimously

RESOLVED to note;

1.  The Treasury Management Report to 30th September 2018, prepared in accordance with the CIPFA Treasury Code of Practice; and

2.  The Treasury Management Indicators to 30th September 2018.

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 2018/19 for the first six months of 2018/19.

Councillor Charles Gerrish introduced the report by saying that the Prudential Code and CIPFA’s Code of Practice on Treasury Management requires regular monitoring and reporting of Treasury Management activities.  This report has outlined details of performance against the Council’s Treasury Management Strategy and Annual Investment Plan 2018/19 for the first six months of 2018/19.  The average rate of investment return for the first six months of 2018/19 was 0.63%, which was 0.14% above the benchmark rate.  The Council’s external borrowing as at 30th September 2018 totalled £182.8 million.  A short term loan for £2.5 million matured during the quarter and new long term PWLB annuity borrowing for £10 million was arranged during the quarter to maintain appropriate cash flow balances.  The Council’s Capital Financing Requirement (CFR) as at 31st March 2018 was £247.1 million with a projected total of £434 million by the end of 2018/19 from self-investment and re-phasing of capital programmes.  The current revenue forecast was for an underspend of £495k, mainly related to external interest savings from re-phasing of capital spend.

Councillor Charles Gerrish moved the recommendations.

Councillor Paul May seconded the motion by praising Councillor Gerrish and the relevant officers for their work.

RESOLVED (unanimously) that the Cabinet agreed that:

1)  The Treasury Management Report to 30th September 2018, prepared in accordance with the CIPFA Treasury Code of Practice, is noted;

2)  The Treasury Management Indicators to 30th September 2018 are noted.