Issue - meetings

This report sets out the mid year review of the Treasury Management Strategy 2012/2013.

Discussion:

This report provided details of the mid year review of the Treasury Management Strategy 2012/2013. This included the management of the local authority’s investments and cash flows, its banking, money market and capital market transactions, the effective control of the risks associated with those activities and the pursuit of optimum performance consistent with those risks.

This report had been considered by the Business Support Overview and Scrutiny Committee on 6 December 2012 and Cabinet on 18 December 2012.

Councillor Jarrett, Portfolio Holder for Finance and Deputy Leader, supported by Councillor Wicks, Portfolio Holder for Children’s Services, proposed the recommendation set out in the report.

Decision:

a)     The Council noted the report.

b)     The Council adopted the Chartered Institute of Public Finance and Accountancy’s (CIPFA) Code of Practice on Treasury Management 2011, as set out in Appendix 1 to the report.

Background:

This report provided details of the mid year review of the Council’s Treasury Management Strategy. This had been prepared in compliance with the Chartered Institute of Public Finance and Accountancy’s (CIPFA) Code of Practice on Treasury Management and covered the following:

• An economic update for the first six months of 2012/13;
• A review of the Treasury Management Strategy Statement and Annual Investment Strategy;
• A review of the Council’s investment portfolio for 2012/13;
• A review of the Council’s borrowing strategy for 2012/13;
• A review of any debt rescheduling undertaken during 2012/13; and
• A review of compliance with Treasury and Prudential Limits for 2012/13.

It was noted that the council needed to formally adopt CIPFA’s Code of Practice 2011 and a copy was attached at Appendix 1 to the report.

The Business Support Overview and Scrutiny Committee considered the report on 6 December 2012 and its views were set out in the report.

Reasons:

The Treasury Management Strategy requires that Cabinet and Council receives and considers a mid year review of treasury management strategy and performance.