Issue - meetings

To submit a report by the Head of Function (Resources)/Section 151 Officer.

It was resolved –

·                    To note that the outturn figures in the report will remain provisional until the audit of the2017/18 Statement of Accounts is completed and signed off; any resulting significant adjustments to the figures included in the report will be reported as appropriate.

·                    To note the provisional 2017/18 prudential and treasury indicators in the report.

·                    To accept the Annual Treasury Management Report for 2017/18 and to forward the report to the Full Council without further comment.

The report of the Head of Function (Resources)/Section 151 Officer incorporating the Annual Treasury Management Review for 2017/18 was presented for the Executive’s consideration.

The Portfolio Member for Finance reported that the Council is required by regulations issued under the Local Government Act 2003 to produce an annual treasury management review of activities and the actual prudential and treasury indicators for 2017/18. The report meets the requirements of both the CIPFA Code of Practice in Treasury Management and the CIPFA Prudential Code for Capital Finance in Local Authorities.

The Head of Function (Resources)/Section 151 Officer said that the Treasury Management Strategy has remained largely consistent over the past few years with the approach being to internalise borrowing where possible using the Council’s own balances to fund part of its capital borrowing. However it is expected that in the longer term borrowing will need to be taken out to replenish the Council’s balances. In terms of investment the returns have remained low due to low interest rates and the strategy has been to minimise risk by choosing investment counterparties based on credit ratings provided by the three main credit rating agencies supplemented by additional market data. The key objectives have been security and liquidity ensuring that there is sufficient cash to pay the Council’s creditors etc.

It was resolved –

•  To note that the outturn figures in the report will remain provisional until the audit of the2017/18 Statement of Accounts is completed and signed off; any resulting significant adjustments to the figures included in the report will be reported as appropriate.

•  To note the provisional 2017/18 prudential and treasury indicators in the report.

•  To accept the Annual Treasury Management Report for 2017/18 and to forward the report to the Full Council without further comment.