Issue - meetings

This report gives details of performance against the Council’s Treasury Management Strategy and Annual Investment Plan for 2019/20 for the first six months of 2019/20.

The Council considered a report giving details of performance against the Council’s Treasury Management Strategy and Annual Investment Plan for 2019/20 for the first six months of 2019/20.

On a motion from Councillor Richard Samuel, seconded by Councillor Winston Duguid, it was unanimously

RESOLVED that;

1.  The Treasury Management Report to 30^th September 2019, prepared in accordance with the CIPFA Treasury Code of Practice, is noted; and

2.  The Treasury Management Indicators to 30^th September 2019 are noted.

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 2019/20 for the first six months of 2019/20.

Councillor Richard Samuel introduced the report by saying that this was a regular report that the Cabinet have received in accordance with CIPFA code of guidance for the first 6 months of this financial year.

Councillor Samuel said that borrowings have remained well within Prudential limits that the Council has set; the credit rating was at AA, which was above the benchmark of A- ; £61m have been invested by the Council; investments in money market funds have increased in the last quarter by £9.4m due to re-investment.  Overall, the performance has remained sound against the benchmarks.

Councillor Richard Samuel moved the recommendations subject to changes in recommendation 2.3 which should read: ‘This Treasury Management Report and attached appendices are reported to the next meeting of the Full Council and Corporate Audit Committee.’

Councillor Neil Butters seconded the motion by welcoming the comprehensive report from officers.

RESOLVED (unanimously) that the Cabinet agreed to:

2.1 The Treasury Management Report to 30th September 2019, prepared in accordance with the CIPFA Treasury Code of Practice, is noted.

2.2 The Treasury Management Indicators to 30th September 2019 are noted.

2.3 This Treasury Management Report and attached appendices are reported to next meetings of the Full Council and Corporate Audit Committee.