Issue - meetings

Report by Director of Finance (CC10).

The report sets out the Treasury Management activity undertaken in the first half of the financial year 2017/18 in compliance with the CIPFA Code of Practice.  The report includes Debt and Investment activity, Prudential Indicator monitoring and forecast interest receivable and payable for the financial year.

Council is RECOMMENDED to approve the revision to the Treasury Management Strategy Statement & Annual Investment Strategy 2017/18.

Recommendations agreed (nem con).

Council had before it a report which set out the Treasury Management activity undertaken in the first half of the financial year 2017/18 in compliance with the CIPFA Treasury Management Code of Practice.  The report included Debt and Investment activity, Prudential Indicator monitoring and forecasts for interest receivable and payable for the financial year.

The Cabinet had considered and endorsed the report at their Meeting on 28 November 2017.

RESOLVED: (on a motion by Councillor Bartholomew, seconded by Councillor Hudspeth and carried nem con) to note the Council’s Mid-Term Treasury Management Review 2017/18.

Cabinet Member: Finance

Forward Plan Ref: 2017/066

Contact: Donna Ross, Principal Finance Manager – Treasury Pension Tel: (01865) 323976

Report by Director of Finance (CA7).

The report sets out the Treasury Management activity undertaken in the first half of the financial year 2017/18 in compliance with the CIPFA Code of Practice.  The report includes Debt and Investment activity, Prudential Indicator monitoring and forecast interest receivable and payable for the financial year.

Cabinet is RECOMMENDED to:

(a)  note the report; and

(b)  recommend Council to approve the revision to the Treasury Management Strategy Statement & Annual Investment Strategy 2017/18.

Recommendation agreed.

Cabinet considered a report that set out the Treasury Management activity undertaken in the first half of the financial year 2017/18 in compliance with the CIPFA Code of Practice.  The report included Debt and Investment activity, Prudential Indicator monitoring and forecast interest receivable and payable for the financial year.

Councillor Helen Evans, Shadow Cabinet Member for Finance, acknowledged the strong performance of the Treasury Management Team and understood that the budget principles would be reviewed prior to the Council budget. Councillor Evans queried the impact of Brexit on treasury management strategy and whether the uncertainty made planning difficult. Councillor Evans requested that a report be prepared either for Cabinet or the Audit & Governance Committee. She also queried the lack of ethical investment.

Councillor David Bartholomew, Cabinet Member for Finance, replied to the comments made and expressed his satisfaction that performance against budget was good. He hoped that would continue and although it was right to ask questions if we were overperforming and this cautious approach would continue. underperforming he would continue to take a cautious approach. The risk around Brexit was being considered and would be reported to the Audit & Governance Committee. On ethical investment policy there was no specific policy. nothing very specific. The primary objective was the security of investments that led to investment being with banks, building societies and some external funds. (Paragraph amended at the Cabinet meeting on 19 December.)

Councillor Bartholomew introduced the contents of the report and moved the recommendations.

.

RESOLVED:             to:

(a)  note the report; and

(b)  RECOMMEND Council to approve the revision to the Treasury Management Strategy Statement & Annual Investment Strategy 2017/18.