The report of the Head of Treasury Services was submitted on the current performance for the 2010-11 financial year and the position regarding investments and borrowings at 30 September 2010.
The Head of Treasury Services reported on the implications for the Council of the national economic position. He reported that the low interest rates were favourable for the Council in terms of short-term borrowing but the position would be closely monitored. The weak performance of investments had resulted in a significant reduction in investment income. The Council had reduced its borrowing from £21.8 million at the start of the financial year to £10 million at present.
Scrutiny Committee – Resources considered the report at the meeting on 24 November 2010 and the support of members was noted.
Executive noted the Treasury Management report for the first six months of 2010/11.