Agenda item

This report gives details of performance against the Council's Treasury Management Strategy and Annual Investment Plan 2013/14 for the first 3 months of 2013/14

Councillor David Bellotti introduced the item.  He referred to paragraph 5.1 of the report which showed that the Council had performed better than the investment return benchmark.  The Cabinet had operated a policy of paying down debt as soon as possible, so as to minimise interest payments which in turn had fed back £0.5M into the revenue budget.  Cabinet had been able in this way to avoid any new debt since it took office.  This had been achieved by wise, active cash flow management.

He moved the proposals.

Councillor Paul Crossley seconded the proposal and congratulated finance officers for managing the cash flow so effectively.

Councillor David Dixon agreed.  He was impressed that the debt rescheduling approach had been so successful and that it so clearly worked.  He referred to paragraph 5.7 which showed that the authority was still obliged to make annual interest and capital repayments for the debt inherited from Avon County Council.

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

RESOLVED (unanimously)

(1) To NOTE the Treasury Management Report to 30th June 2013, prepared in accordance with the CIPFA Treasury Code of Practice; and

(2) To NOTE the Treasury Management Indicators to 30th June 2013.