Issue - meetings

Report by Chief Finance Officer (CC10).

The report sets out the Treasury Management activity undertaken in the financial year 2015/16 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 considered the report at its meeting on 19 July 2016 and recommended Council to receive the report.

Council is RECOMMENDED to note the Council’s Treasury Management Activity in 2015/16.

Recommendations Agreed (nem con).

The Council had before them a report by the Chief Finance Officer (CC10) which set out the Treasury Management activity undertaken in the financial year 2015/16 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 Stratford moved and Councillor Hudspeth seconded the recommendations set out in the report and on the face of the agenda.  In moving the report, the Cabinet Member for Finance, Councillor Lawrie Stratford paid tribute to the Treasury Management Team for their work over the past year and on an excellent report.

During debate, Councillor Roz Smith questioned whether decisions on the transition fund would be going through delegated decisions and if so, where those decisions would be reported to.  In response, Councillor Stratford undertook to provide her with a written answer to the question.

Following debate, the motion was put to the vote and was carried nem con.

RESOLVED: (nem con) to note the Council’s Treasury Management Activity in 2015/16.

Cabinet Member: Finance

Forward Plan Ref: 2016/019

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

Report by Chief Finance Officer (CA7).

The report sets out the Treasury Management activity undertaken in the financial year 2015/16 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 2015/16.

Recommendations agreed.

Cabinet considered a report that set out the Treasury Management activity undertaken in the financial year 2015/16 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, congratulated the Treasury Management Team for doing a very good job and achieving an excellent result. However he sounded a note of caution. Following the referendum decision there had been very short term fluctuations in the markets which although it was right to ignore still needed to be kept under review. He highlighted in particular that some property funds had been frozen and it would not have been possible to access invested funds if they were needed at short notice. He added that he had queried this and been assured that it was not money that was needed most quickly that was invested in these types of funds. He commented that the benchmarking referred to was about a backward look and he asked that officers and the Cabinet Member be aware of this and the need also to anticipate future events. He went on to make detailed comments relating to LOBO, PWLB and other local authority loans.

Councillor Stratford, Cabinet Member for Finance responded to the comments made and added his congratulations to the Treasury Management Team. He stated that the report was to the end of March 2016 and he was sure that there would be tensions and issues ahead but that the Team had achieved a remarkable result and were very alert to future challenges.

RESOLVED:             to note the report and to RECOMMEND Council to note the Council’s Treasury Management Activity in 2015/16.