Issue - meetings
Treasury Management 2015/16
Meeting: 12/07/2016 - Executive (Item 80)
80 Treasury Management 2015/16 
PDF 337 KB
To consider the report of the Assistant Director Finance.
Corporate Services Scrutiny Committee considered the report at its meeting on 27 June 2016 and its comments will be reported.
Additional documents:
Decision:
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Agreed
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That it is recommended Council approve the Treasury Management report for the 2015/16 financial year. |
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Reason for Decision:
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It is a statutory requirement for the Council to publish regular reports on Treasury Management to Council. This includes an annual Treasury Management Strategy and half yearly report and a year-end report as a minimum. |
Minutes:
The report of the Assistant Director Finance was submitted reporting on the current Treasury Management performance for the 2015/16 financial year and the position regarding investments and borrowings at 31 March 2016. The report was a statutory requirement and was for information only with no key decisions required.
The Assistant Director Finance confirmed that the historic investment with Iceland’s Glitnir Bank had been put forward into an auction on the Foreign Exchange and converted from euros at a more favourable rate than had been anticipated. The Council had received £397,000 back from the outstanding investment and in excess of the £2m originally invested in total.
In response to a Member, the Assistant Director Finance clarified the position with the investment in the Local Authority Property Fund, the type of markets invested in and confirmed a strong approach to stewardship and ethics.
Corporate Services Scrutiny Committee considered the report at its meeting on 29 June 2016 and its comments were reported.
RECOMMENDED that Council approves the Treasury Management report for the 2015/16 financial year.
Meeting: 29/06/2016 - Corporate Services Scrutiny Committee (Item 8)
8 Treasury Management 2015/16 PDF 337 KB
To consider the report of the Assistant Director Finance.
Additional documents:
Minutes:
The Assistant Director Finance presented the report on the overall performance for the 2015/16 financial year, and the position regarding investments and borrowings at 31 March 2016. The report, which was a statutory requirement, set out the detail of investments made and levels of borrowing by the City Council. He confirmed that £500,000 of an historic investment with Iceland’s Landsbanki Bank investment had been put forward into an auction on the Foreign Exchange and converted from euros at a more favourable rate than had been anticipated. He responded to a Member’s comment on the possible financial effect that a post- Brexit UK might have on Exeter City Council, stating that the City Council were in close contact with their treasury advisers, Arlingclose Ltd, to monitor any future situation.
Corporate Services Scrutiny Committee noted the Treasury Management report for the 2015/16 financial year and recommended approval by Executive and Council.