Issue - meetings

To consider the report of the Acting Assistant Director Finance.

Scrutiny Committee – Resources considered the report at its meeting on 19 June 2013 and its comments will be reported.

(Report circulated)

(Minute 73)

The report of the Acting Assistant Director Finance was submitted, reporting on the overall performance for the 2012/13 financial year and the position regarding investments and borrowing at 31 March 2013. Members were updated on the final net interest position, investment interest and current situation with regards to the Icelandic Banks repayments.

The Acting Assistant Director Finance advised that the Council continued to use short term borrowing to manage its cashflow and whilst the interest rates remained very low this could be converted to longer term borrowing should the interest rate start to rise. The Council undertook short term investment of funds whilst the return was minimal it did mitigate the risk of having funds placed in one institution. 

Scrutiny Committee – Resources considered the report at its meeting on 19 June 2013 and the comments of the members were noted.

Executive recommended that Council notes and approvesthe Treasury Management report for the 2012/13 financial year.

The report of the Acting Assistant Director Finance was submitted, reporting on the overall performance for the 2012/13 financial year and the position regarding investments and borrowing at 31 March 2013. Members were updated on the final net interest position, investment interest and current situation with regards to the Icelandic Banks repayments.

The Acting Assistant Director Finance advised that the Council continued to use short term borrowing to manage its cashflow and whilst the interest rates remained very low this could be converted to longer term borrowing should the interest rate start to rise. The Council undertook short term investment of funds whilst the return was minimal it did mitigate the risk of having funds placed in one institution. 

Scrutiny Committee – Resources considered the report at its meeting on 19 June 2013 and the comments of the members were noted.

RECOMMENDED that Council approve the Treasury Management report for the 2012/13 financial year.

(Report circulated)

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

The Acting Assistant Director Finance presented the report, which detailed the overall performance for the 2012/13 financial year and the position regarding investments and borrowings at 31 March 2013. The Council will continue to use short term borrowing to manage its cash flow due to very low interest rates.  It was likely to take until 2019 to recover the monies held in the Icelandic Banks.  He also responded to a comment about the value of the repayments being liable to foreign exchange fluctuations, and although there had been gains in value, that could change at the final point of recovery.  The Local Government Association continued to hold discussions with the Icelandic authorities to repatriate the interest.

Councillor Ruffle wished to ensure that a debt of gratitude was recorded for the professionalism of officers in handling the Council’s financial affairs.

The Scrutiny Committee – Resources noted the Treasury Management report for 2012/13 and recommended approval by Council.

(Report circulated)