Issue - meetings

By way of a report by the Head of Resources, to receive the annual report on treasury management.

Recommended the Council’s Treasury Management Annual Report 2013/14 to Council.

With the aid of a report by the Head of Resources (a copy of which is appended in the Minute Book) the Cabinet considered the Council’s treasury management activities for the year ending 31st March 2014.

In accordance with the Chartered Institute of Public Finance and Accountancy’s Treasury Management Code of Practice, Executive Councillors received the views of the Overview and Scrutiny Panel (Economic Well-Being) on the matter.

Having acknowledged that the Council had performed well with regard to the returns it had achieved on its investment in the year, the Cabinet

RECOMMEND

that Council receives the Treasury Management Annual Report 2013/14.

To consider and comment on the Treasury Management Annual Report, prior to its consideration by Cabinet and Council.

(Councillor J A Gray, Executive Councillor for Resources, was in attendance for this item).

In accordance with the CIPFA Code of Practice on Treasury Management and with the assistance of a report by the Head of Resources (a copy of which is appended in the Minute Book) the Panel considered the Council’s treasury management performance for the year ending 31st March 2014. Following an introduction by the Executive Councillor for Resources, the Head of Resources provided further detail on each section of the report. Members were advised that the Executive Councillor for Resources intended to transform the existing Treasury Management Advisory Group so that it adopted a more strategic approach towards treasury management activity.

In considering the contents of the Annual Report, Members discussed the Council’s borrowing and investment activity during the year, the counterparty lists and the risk to the Council. Having noted that the downgrading of the long term rating of the NatWest Bank had resulted in its removal from the Council’s counterparty list for investment purposes, the Panel was informed that NatWest would continue to be used for operational banking purposes. In response to a question whether this would have an impact on the charges incurred by the Council, Members were advised that it was not expected that the budget would be exceeded. Whereupon, it was

RESOLVED

that the Cabinet be recommended to note the contents of the report and associated annexes now submitted.