Decision details

To provide an overview of treasury management activity during 2003/2004. The report will also consider the range of borrowing instruments avaliable to the authority.

The Cabinet noted the content and approved the report, in accordance with the CIPFA Code of Practice.
The Cabinet recommended to Council that Treasury Management Practice (TMP) No. 4 be amended to allow investment in the newly approved instruments.
The Cabinet recommended to Council that TMP 4 is amended to give the Director of Finance and Corporate Services delegated authority in the future to invest in all instruments approved by the ODPM.
The Cabinet recommended to Council that Treasury Management Practices are amended to provide for separate lending limits for the Council and Fund Managers to run concurrently. These individual lending limits to be set at the current rates.

In line with CIPFA's Code of Treasury Management Practice an annual report must be taken to Cabinet detailing the Council's treasury management outturn within six months of the close of each financial year.The changes to Treasury Management Practice No. 4 will allow fund managers to use a range of instruments to achieve better interest rates without taking on any increase in credit risk.