Issue - meetings

To consider the report of the Chief Finance Officer.

Corporate Services Scrutiny Committee considered the report at its meeting on 22 November 2018 and its comments will be reported.

The Chief Finance Officer presented the report on the current Treasury Management performance for the 2018/19 financial year and the position regarding investments and borrowings at 30 September 2018.  The report was a statutory requirement and was for information only with no key decisions required.

Members were advised that, currently, the Council had strong cash balances with funds set aside for future capital expenditure therefore the net interest position showed an improvement against the estimated net interest payable. The Government had reinstated the statutory override for pooled investments for five years and therefore consideration would be given where, within the parameters, future investments could be made to maximise return for the Council.

In response to the Leader, the Chief Finance Officer clarified that the Council had set aside 65% of the funds required for the Leisure Complex and Bus Station project.

Corporate Services Scrutiny Committee considered the report at its meeting on 22 November 2017 and its comments were reported.

RESOLVED that the Treasury Management report in respect of the first six months of the 2018/19 financial year be noted.

To consider the report of the Chief Finance Officer.

The Chief Finance Officer presented the report on the current Treasury Management performance for the 2018/19 financial year and the position regarding investments and borrowings at 30 September 2018. The strategy for In-House investments included approval to invest in Property Funds.  The City Council has made two investments in the Church Charities and Local Authorities – Local Authorities Mutual Investment Trust (CCLA – LAMIT) Property Fund (in April and November 2016).  The yield from the Property Fund has been in the region of 4.5% in this financial year, which was significantly higher than the returns on other investment options available. Every effort was made to continue to explore the possibility of widening the investment options available to the Council, and any viable opportunities would be included in the Treasury Management Strategy which will be presented to committee for approval in February 2019.

Corporate Services Scrutiny Committee noted the Treasury Management report in respect of the first six months of the 2018/19 financial year and recommended approval by Executive and Council.