Issue - meetings
Treasury Management half year report
Meeting: 08/12/2009 - Executive (Item 148)
148 Treasury Management 2009/10 
PDF 60 KB
To consider the report of the Head of Treasury Services.
Scrutiny Committee – Resources considered the report at their meeting on 25 November 2009 and their comments will be reported.
(Report circulated)
Decision:
The report of the Head of Treasury Services was submitted on the current performance for the 2009/10 financial year and the position regarding investments and borrowings at 30 September 2009. He reported that the fund manager had performed well but the General Fund had been adversely affected by the low interest rates.
Scrutiny Committee – Resources considered the report at their meeting of 25 November 2009 and their comments and support were noted.
Executive noted the Treasury Management report for the first six months of 2009/10.
Minutes:
The report of the Head of Treasury Services was submitted on the current performance for the 2009/10 financial year and the position regarding investments and borrowings at 30 September 2009. He reported that the fund manager had performed well but the General Fund had been adversely affected by the low interest rates.
Scrutiny Committee – Resources considered the report at their meeting of 25 November 2009 and their comments and support were noted.
RESOLVED that the Treasury Management report for the first six months of 2009/10 be noted.
(Report circulated)
Meeting: 25/11/2009 - Scrutiny Committee - Resources (Item 70)
70 Treasury Management half year report 2009/10 PDF 60 KB
To consider the report of the Head of Treasury Services – report circulated
Minutes:
The Head of Treasury Services presented a report on the current performance for the 2009/10 financial year and the position regarding investments and borrowings as at 30 September 2009. The General Fund showed an estimated net reduction in interest received compared to the budget, the net interest was £99,500 this was due to lower interest rates than anticipated.
The Head of Treasury Services advised that the Icelandic Government supported local authorities as preferred creditors although this could be challenged in the courts by other creditors. The solicitors working for the LGA had prepared claims for local authorities to be submitted to the Banks, it was anticipated that the process to recover the funds could be protracted and that the Council would not know if it was a preferred creditor until at least July 2010. The costs involved in recovering the funds would be minimised as one firm of solicitors would be acting for all local authorities affected.
The Scrutiny Committee - Resources supported the report and recommended approval by Executive.
(Report circulated)