Issue - meetings

Background:

This report provided an overview of treasury management activity during 2013/2014. The report covered a number of issues including the Council’s treasury position as at 31 March 2014, performance measurement, the strategy for 2013/2014, borrowing and investment rates, the borrowing outturn, compliance with treasury limits and prudential indicators, investment outturn and debt rescheduling.

It was noted that overall the Interest and Financing budget made a surplus over its targeted budget by £0.043 million. In light of the continued historically low bank rate, which continued at 0.5% throughout 2013/2014, the overall rate achieved for investments averaged 0.75% composed of 1.02% from the In-House team and 0.22% from the external fund manager Investec. 

The body of the report and the appendices outlined the significant financial implications and it was reported that any transactions undertaken on either investments or borrowings were governed by the London Code of Conduct, the Council’s Treasury Policy Statement, and the CIPFA Code of Practice on Treasury Management in Local Authorities.

This report would be referred to Audit Committee on 17 July 2014 for consideration and approval.

Reasons:

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.