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 nine months of 2018/19.

Councillor Charles Gerrish introduced the report by saying that this was a routine report which detailed performance against the Council’s Treasury Management Strategy and Annual Investment Plan 2018/19 for nine months of 2018/19.

The average rate of investment return for the first six months of 2018/19 was 0.68%, which is 0.15% above the benchmark rate.  The Council’s external borrowing as at 31th December 2018 totalled £206.7 million.

New PWLB annuity borrowing for £25 million was arranged during the quarter in response to a reduction in borrowing rates arising from the political and economic uncertainty being experienced in the UK and Europe.

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 the capital programme.

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 Karen Warrington seconded the motion by saying that this was a routine report and thanked Donna Parham and her staff their work on treasury management. 

RESOLVED (unanimously) that the Cabinet agreed that:

1)  The Treasury Management Report to 31^st December 2018, prepared in accordance with the CIPFA Treasury Code of Practice, is noted

2)  The Treasury Management Indicators to 31^st December 2018 are noted.