Issue - meetings

The Leader’s Portfolio

To consider report FIN/457 of the Head of Corporate Finance, which was referred to the meeting of the Overview and Scrutiny Commission held on 19 November 2018.

The Leader presented report FIN/457of the Head of Corporate Finance which set out an update on the Council’s Treasury Management Strategy for the two first quarters of 2018/2019. It was explained that there were no grounds for concerns or significant changes since the last update report, and the only current burrowing that the Council has currently related to the HRA.

It was noted that the Council was required to consider Treasury Management activities on a twice yearly basis to ensure Councillors were able to monitor the Council’s finances and to review how they were being invested.

Councillor Cheshire presented the Overview and Scrutiny Commission’s comments on the report to the Cabinet following their consideration of the matter at its meeting on 19 November 2018. The Cabinet noted the Commission’s comments.

RESOLVED

That the Cabinet notes the report and the treasury activity for the first half of the year 2018/2019.

Reasons for the Recommendations

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 mid-year reports).  This report, therefore, ensures this Council is implementing best practice in accordance with the Code.

To consider report FIN/457 of the Head of Corporate Finance.

The Commission considered report FIN/457 of the Head of Corporate Finance which provided an update on the Council’s Treasury Management Strategy for the first two quarters of 2018/2019.  The Council prioritises its investments as being security of capital, liquidity and yield.

During the discussion with the Leader and the Chief Accountant the following topics were discussed:

·        Clarification sought and obtained on the investment portfolio, in particular property and land acquisition. It was queried whether assets could be individually listed. It was stated that the ongoing revenue stream was an important factor.

·        Acknowledgement provided on the investments with various authorities, together with the detailed holdings and nature of the Council’s borrowings.

RESOLVED

That the report and recommendations to the Cabinet be supported.