Issue - meetings

Background:

This report provided an overview of treasury management activity during 2014/2015. This report included the Council’s treasury position as at 31 March 2015, performance measurement, the strategy for 2014/2015, 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 £0.998 million. In light of the continued historically low bank rate, which continued at 0.5% throughout 2014/2015, the overall rate achieved for investments averaged 0.92%. 

The body of the report and the appendix 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. The outturn for the Prudential Indicators was shown in Appendix 1 to the report.

This report would be referred to Audit Committee on 14 July 2015 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.