(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.