Issue - meetings
Treasury Management - Half Yearly Report 2013/14
Meeting: 10/12/2013 - Executive (Item 119)
119 Treasury Management - 2013/14 - Half Year Update 
PDF 71 KB
To consider the report of the Assistant Director Finance.
Scrutiny Committee – Resources considered the report at its meeting on 4 December 2013 and its comments will be reported.
Additional documents:
Decision:
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Agreed:
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That the Treasury Management report for the first six months of 2013/14 be noted.
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Reason for Decision:
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As set out in the report.
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Minutes:
The report of the Assistant Director Finance was submitted, reporting on the current performance for the 2013/14 financial year and the position regarding investments and borrowings at 30 September 2013. The net interest position showed an estimated net reduction of £83,750 compared to the budgeted figure of £140,000.
The Assistant Director Finance clarified that whilst the £6 million was the net debt position the underlying general fund position in respect of borrowing was £32 million. This had been covered by using internal cash reserves. The Council continued to utilise short term borrowing as this remained very cheap. Executive was reminded that it had taken the decision to use 20% the New Homes Bonus for community infrastructure funding and 50% for Council funded major projects. In the Chancellor’s Autumn Statement, it had been announced that, outside of the London Boroughs, Councils would now be able to keep all their New Homes Bonus monies.
Scrutiny Committee – Resources considered the report at the meeting on 4 December 2013 and the comments of the Members were noted.
RESOLVED that the Treasury Management report for the first six months of 2013/14 be noted.
Meeting: 04/12/2013 - Scrutiny Committee - Resources (Item 48)
48 Treasury Management - Half Yearly Report 2013/14 PDF 71 KB
To consider the report of the Assistant Director Finance – report circulated
Additional documents:
Minutes:
The Assistant Director Finance submitted the report, informing Members of the current performance for the 2013/14 financial year and the position regarding investments and borrowings at 30 September 2013. As part of the update, he advised that the City Council had chosen to take advantage of a break clause in the agreement with the Cooperative Bank to service the Council’s financial affairs. This decision had proved to be timely as the Cooperative Bank had recently advised that they wished to give notice for a managed withdrawal from the local authority market. A tendering exercise had commenced and had been extended to four of the High Street banks. It was anticipated that a decision would be made before Christmas to enable a swift transition to the chosen Bank.
The Scrutiny Committee – Resources noted the Treasury Management report for the first six months of 2013/14.
(Report circulated)