Issue - meetings

To consider the report of the Assistant Director Finance.

Scrutiny Committee – Resources considered the report at its meeting on 21 November 2012 and comments will be reported.

(Report circulated)

(Minute 122)

The report of the Assistant Director Finance was submitted on the current performance for the 2012/13 financial year and the position regarding investments and borrowings at 30 September 2012.

The Assistant Director Finance informed members on the Council’s Treasury Management Strategy and the impact of the UK, European and world-wide economic situation.  He reported that Sterling Consultancy Services which had provided treasury management advice to the Council for several years had been purchased by Arlingclose, an independent treasury management advisory company. Existing staff had transferred and no detrimental impact was anticipated but the Council would monitor the transition to ensure that the level of service remained of a high standard.

In response to questions regarding the wisdom of the Council’s strategy to maintain short-term borrowing as long as rates remained low, the Assistant Director Finance reported that this made sound financial sense at present but that the Council could readily change to medium or longer-term borrowing should the position change.  The Council had reduced its temporary borrowing over the first six months of the year and now had only £5million of borrowing, down from £8million at the start of the year.

Executive resolved that the Treasury Management report for the first six months of 2012/13 be noted.

The report of the Assistant Director Finance was submitted on the current performance for the 2012/13 financial year and the position regarding investments and borrowings at 30 September 2012.

The Assistant Director Finance informed members on the Council’s Treasury Management Strategy and the impact of the UK, European and world-wide economic situation.  He reported that Sterling Consultancy Services which had provided treasury management advice to the Council for several years had been purchased by Arlingclose, an independent treasury management advisory company. Existing staff had transferred and no detrimental impact was anticipated but the Council would monitor the transition to ensure that the level of service remained of a high standard.

In response to questions regarding the wisdom of the Council’s strategy to maintain short-term borrowing as long as rates remained low, the Assistant Director Finance reported that this made sound financial sense at present but that the Council could readily change to medium or longer-term borrowing should the position change.  The Council had reduced its temporary borrowing over the first six months of the year and now had only £5million of borrowing, down from £8million at the start of the year.

RESOLVED that the Treasury Management report for the first six months of 2012/13 be noted.

(Report circulated)

To consider the report of the Assistant Director Finance – report circulated

The Assistant Director Finance presented the report detailing the current performance for the 2012/13 financial year and the position regarding investments and borrowings at 30 September 2012.

Members were updated on the interest rate prospects, net interest position and the future position. The Councils treasury management advisers had been purchased by Arlingclose an independent treasury company, the contract terms and conditions remaining the same with the Council to monitor the position to ensure a high level of service remains.

The Scrutiny Committee – Resources noted the Treasury Management report for 2012/13.

(Report circulated)