Issue - meetings

Cabinet Member: Finance

Forward Plan Ref: 2015/014

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 2014/15 in compliance with the CIPFA Code of Practice.  The report includes Debt and Investment activity, Prudential Indicator Outturn, Investment 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 2014/15.

Recommendation agreed.

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

Councillor Hards, Shadow Cabinet Member for Finance commented on the report noting that the historically low interest rates were an indication that the economy was not yet fixed. He referred to paragraph 18 on LOBO loans and concerns raised by a recent television programme. Generally he was satisfied that on average LOBOs were cheaper than PWLB. He would be seeking information on what are the most expensive loans and which are closest to being at a reset point. He also sought information on what would happen with Local Authority loans if those authorities got into difficulty financially. Councillor Stratford undertook to provide a written answer.

Councillor Smith, Liberal Democrat Group spokesman on finance highlighted the good work done internally and pointed to the investment outturn that had exceeded expectations.

RESOLVED:              to note the report, and to RECOMMEND Council to note the Council’s Treasury Management Activity in 2014/15.