Issue - meetings

Background

The Council was required by regulations issued under the Local Government Act 2003 to produce an annual review of treasury management activities and the actual prudential and treasury indicators for 2015/16.  This report met the requirements of both the CIPFA Code of Practice on Treasury Management (the Code) and the CIPFA Prudential Code for Capital Finance in Local Authorities (the Prudential Code). 

The regulatory environment placed responsibility on Members for the review and scrutiny of treasury management policy and activities. This report was important in that respect, as it provided details of the outturn position for treasury activities and highlighted compliance with the Council’s policies previously approved by Members.  The Council also promoted prior scrutiny of the Treasury Strategy and midyear review by submission to Audit Committee before reporting to Cabinet and Full Council.

This annual treasury outturn report covered:

·         The Council’s treasury position as at 31 March 2016

·         Borrowing activity 2015/16

·         Performance measurement

·         The strategy for 2015/16

·         The economy and interest rates in 2015/16

·         Borrowing rates in 2015/16

·         The borrowing outturn for 2015/16

·         Debt rescheduling

·         Compliance with treasury limits and Prudential Indicators

·         Investment rates in 2015/16

·         Investment outturn for 2015/16.

The Audit Committee considered the matter at its meeting on 30 June 2016 and gave in depth scrutiny to the issues.  That Committee, in accordance with the CIPFA Code of Practice, noted the reports and recommended them to the Cabinet.  The Committee also requested a briefing note on the use of temporary borrowing, including comparative data.

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.