Decision details

The Leader presented report FIN/426of the Head of Finance, Revenues and Benefits highlighting that the Council was required to consider a treasury management report on a twice yearly basis to ensure Councillors were able to monitor the Council’s finances and to review how they were being invested.

It was noted that there were no grounds for concerns, but the significant change since the last update report, was that interest rates had risen and were expected to rise again in the not too distant future.

The Cabinet noted the Overview and Scrutiny Commission’s comments on the report and its comments to the Cabinet following consideration of the matter at its meeting on 27 November 2017.

RESOLVED

That Cabinet notes report FIN/426 and the treasury activity for the first two quarters of 2017/2018.

Reasons for the Recommendation

The CIPFA (Chartered Institute of Public Finance and Accountancy) Code of Practice for Treasury Management recommends that members be updated on treasury management activities regularly (Treasury Management Strategy Statement, annual and midyear reports). This report, therefore, ensures this Council is implementing best practice in accordance with the Code.