Issue - meetings

Report by Chief Finance Officer (CC9).

The report sets out the Treasury Management activity undertaken in the financial year 2013/14 in compliance with the CIPFA Code of Practice.  The report includes Debt and Investment activity, Prudential Indicator Outturn, changes in Strategy, and interest receivable and payable for the financial year.

Council is RECOMMENDED to note the Council’s Treasury Management Activity in 2013/14.

Agreed (nem con).

The Council had before them a report by the Chief Finance Officer (CC9) which set out the Treasury Management activity undertaken in the financial year 2013/14 in compliance with the CIPFA Code of Practice.  The report included Dept and Investment activity, Prudential Indicator Outturn, changes in Strategy and interest receivable and payable for the financial year.

RESOLVED:  (on a motion by Councillor Stratford, seconded by Councillor Hudspeth and carried nem con) to note the Council’s Treasury Management Activity in 2013/14.

Cabinet Member: Finance

Forward Plan Ref: 2014/019

Contact: Lewis Gosling, Financial Manager (Trainee) – Treasury Management Tel: (01865) 323988

Report by Chief Finance Officer (CA6).

The report sets out the Treasury Management activity undertaken in the financial year 2013/14 in compliance with the CIPFA Code of Practice.  The report includes Debt and Investment activity, Prudential Indicator Outturn, changes in Strategy, and interest receivable and payable for the financial year.

The Cabinet is RECOMMENDED to note the report, and to RECOMMEND Council to note the Council’s Treasury Management Activity in 2013/14.

Recommendations agreed.

Cabinet considered the report setting out the Treasury Management activity undertaken in the financial year 2013/14 in compliance with the CIPFA Code of Practice. The report included Debt and Investment activity, Prudential Indicator Outturn, changes in Strategy, and interest receivable and payable for the financial year.

Councillor Hards speaking as Shadow Cabinet Member for Finance commented that some people found it surprising that the council has on average £349m of surplus cash alongside debt of £388m as the complexities of running a Local Authority the size of Oxfordshire were all too often underestimated. He highlighted that with growth in the county there was a need to secure infrastructure ranging from roads to broadband to schools. He  also referred to the need to develop facilities for looking after vulnerable children and make provision for adults with learning difficulties and very elderly people who can no longer look after themselves. There will always need to be capital investments with democratic accountability for the management of those investments. He referred to additional other factors that all combined to make the council’s Treasury Management a complicated exercise. He indicated that he was impressed with the skill and dedication of the staff concerned.

He highlighted a number of areas where there was a need to exercise particular caution including with credit ratings and lending to other local authorities. He asked that there be sufficient staff in the team with the skills and time to do the job properly. He further sought assurance that the County Council’s lending to other authorities is carefully scrutinised at all times and that no undue risks are involved in particular with regard to Scottish authorities in the light of the independence referendum.

Councillor Fatemian paid tribute to the hard work and dedication of the team. He highlighted that the Council was living within its means with no new borrowing as referred to in paragraph 17. He added that a line had now been drawn with regard to Landsbanki with 95% of the money recovered. Councillor Fatemian thanked Councillor hards for his efforts through the year and gave an assurance that there was continual scrutiny with all lending closely monitored. Lewis Gosling explained the approach to lending to Scottish authorities.

RESOLVED:           to note the report and to RECOMMEND Council to note the Council’s Treasury Management Activity in 2013/14.