Issue - meetings

Cabinet Member: Finance

Forward Plan Ref: 2014/095

Contact: Greg Ley, Financial Manager – Pension Fund Investments Tel: (01865) 323978

Report by Chief Finance Officer (CA6).

The report sets out the Treasury Management activity undertaken in the first half of the financial year 2014/15 in compliance with the CIPFA Code of Practice.  The report includes Debt and Investment activity, Prudential Indicator monitoring, changes in Strategy, and forecast interest receivable and payable for the financial year.

Recommendations agreed

Cabinet considered a report that set out the Treasury Management activity undertaken in the first half of the financial year 2014/15 in compliance with the CIPFA Code of Practice. The report included Debt and Investment activity, Prudential Indicator monitoring, changes in Strategy, and forecast interest receivable and payable for the financial year.

Councillor Hards, Shadow Cabinet Member for Finance, commented that the report gave a fair summary of the general economic position. There were difficult times ahead. He expressed concerns over the possible impact on future investment strategy of changes in January 2015. In particular in congratulating officers on efforts so far he queried whether it would be possible to continue to achieve above average profits with below average risk.

Councillor Stratford, Cabinet Member for Finance, indicated that they were awaiting the detail and would continue to do their best. The impact was uncertain as yet. Grey Ley added that officers were looking at alternative more secure options. In introducing the report Councillor Stratford commented that it was an encouraging mid term review, with debt financing improving.

RESOLVED: to note the report, and to RECOMMEND Council to note the Council’s Mid-Term Treasury Management Review 2014/15 and to approve the revision to the Treasury Management Strategy Statement & Annual Investment Strategy 2014/15.