Issue - meetings

Treasury Management 2017/18

Meeting: 10/07/2018 - Executive (Item 70)

70 Treasury Management 2017/18 pdf icon PDF 337 KB

To consider the report of the Chief Finance Officer.

 

Corporate Services Scrutiny Committee considered the report at its meeting on 28 June 2018 and its comments will be reported.

 

Decision:

Agreed

That Council notes the content of this report.

 

Reason for Decision:

 

As set out in the report.

 

 

Minutes:

The Chief Finance Officer presented the report on the current Treasury Management performance for the 2017/18 financial year and the position regarding investments and borrowings at 31 March 2018.  The report was a statutory requirement and was for information only with no key decisions required. Members were advised that the net interest was £82,031 and currently the Council had no longer term borrowing in respect of the General Fund.

 

The Chief Finance Officer highlighted a fixed term deposit relating to Guildford Borough Council which had exceeded the level set out in the Treasury Management Strategy made available to a lower tier authority. He advised Members that he considered this to be a low risk investment for the Council and no further action would be taken to recover the funds early, although procedures had been put in place to ensure such actions would not be repeated.

 

Corporate Services Scrutiny Committee considered the report at its meeting on 28 June 2018 and its comments were reported.

 

RECOMMENDED that Council notes the content of this report.

 


Meeting: 28/06/2018 - Corporate Services Scrutiny Committee (Item 23)

23 Treasury Management 2017/18 pdf icon PDF 337 KB

To consider the report of the Chief Finance Officer.

 

Minutes:

The Chief Finance Officer presented the report on the overall performance for the 2017/18 financial year, and the position regarding investments and borrowings at 31 March 2018.  The report, which was a statutory requirement, set out the detail of investments made and levels of borrowing by the City Council, which had been undertaken in accordance with the Council’s approved Treasury Management Practices. He also discussed the Treasury Management Strategy, which had been approved by Council on 20 February 2018, which set out that the investment strategy to continue to hold only small surplus funds and to seek to utilise its Call Accounts, Money Market Funds, using the Government’s Debt Management Office. The Council’s borrowing strategy was to manage short term borrowing as long as interest rates remained low.  He also referred to Council approval to invest in the Local Authority Property Fund as a long term commitment. The report detailed the Council’s investment as at 31 March 2018. 

 

The Chief Finance Officer highlighted a fixed term deposit relating to Guildford Borough Council which had exceeded the level set out in the Treasury Management Strategy made available to a lower tier authority.  Colleagues in Internal Audit had been made aware. He responded to a Member’s enquiry and confirmed that following a review of the brokering arrangements, the loan would remain as the local authority was considered to be a low risk and was due to be repaid later this year.  He also responded to the Member and advised the inclusion of the Property Fund fluctuation in the Council’s Risk Register was not at this moment necessary as there was a statutory override to protect the Council, but if this changed then it should be included.  

 

Corporate Services Scrutiny Committee noted the Treasury Management report for the 2017/18 financial year and recommended approval by Executive and Council.