Issue - meetings

This report provides details of the mid-year review of the Treasury Management Strategy 2016/2017, in accordance with the Chartered Institute of Public Finance Accountancy’s (CIPFA) Code of Practice for Treasury Management.

Discussion:

This report provided details of the mid-year review of the Treasury Management Strategy 2016/2017, following consideration by the Cabinet on 27 September 2016 and Audit Committee on 29 September 2016 and their comments were set out in paragraphs 9 and 10 of the report respectively.

The report provided had been prepared in compliance with CIPFA’s Code of Practice on Treasury Management, and covered the following:

·                     An economic update for the first part of 2016/17

·                     A review of the Treasury Management Strategy Statement and Annual  Investment Strategy

·                     A review of the Council’s investment portfolio for 2016/17

·                     A review of the Council’s borrowing strategy for 2016/17

·                     A review of any debt rescheduling undertaken during 2016/17

·                     A review of compliance with Treasury and Prudential Limits for 2016/17.

The Leader of the Council, Councillor Jarrett, supported by the Deputy Leader and Portfolio Holder for Housing and Community Services, Councillor Doe, proposed the recommendations set out in the report.

Decisions:

a)    The Council noted the contents of this report.

b)    The Council noted that Cabinet will be bringing forward proposals to the budget meeting in February to review the Council’s risk appetite in relation to investments.

Background:

The Cabinet agreed to accept this as an urgent item to enable its views to be submitted to Full Council on 13 October 2016.

This report presented the mid-year review of the Treasury Management Strategy 2016/2017, which had been approved by Full Council alongside the Capital and Revenue Budgets on 26 February 2016. This report would also be considered by the Audit Committee on 29 September 2016 prior to final consideration at Full Council on 13 October 2016.

The report included an economic update for the first six months of 2016/2017 and reviewed the Treasury Management Strategy Statement and Annual Investment Strategy; the Council’s investment portfolio and borrowing strategy for 2016/2017; a review of any debt rescheduling undertaken during 2016/2017 and, compliance with Treasury and Prudential Limits for 2016/2017.

Reasons:

In accordance with the Chartered Institute of Public Finance Accountancy’s (CIPFA) Code of Practice for Treasury Management, there should be a review of the strategy at least half yearly.