Issue - meetings

Report of the County Treasurer (CT/18/48), previously considered and endorsed by the Corporate Infrastructure and Regulatory Scrutiny Committee held on 12 June 2018 (Minute *74 refers), attached.     

(Councillors Atkinson, Connett and Hannaford attended in accordance with Standing Order 25(2) and spoke to this item).

The Cabinet considered the Report of the County Treasurer (CT/18/48) outlining the Treasury Management action taken during the last financial year (in line with the CIPFA Code of Practice previously adopted by the Council) which had also been considered and endorsed by the Corporate Infrastructure and Regulatory Services Scrutiny Committee on 12 June 2018 (Minute *74 refers).

The Annual Report set out the outturn position, reviewing performance and informing Members of any key matters arising from the Council’s Treasury and Debt Management activities during the 2017/18 Medium Term Financial Strategy.

The Report revealed that no long term or short-term borrowing had been undertaken during 2017/18 and it was not envisaged that any new long-term borrowing would be required over the next three-year period (but this would be reviewed annually). Also, there had been no opportunities during 2017/18 to repay outstanding debt without incurring substantial premium penalties, which would negate the benefit of repaying the debt. In terms of investment income, £1.35 million was achieved in 2017/18 against a full year budget of £750,000 which represented a return of 0.74%, including the Property Fund investment.

The Cabinet noted that successful prudent management of the Council’s short-term cash reserves had delivered a surplus of £600,000 for the 2017/18 financial year.

The matter having been debated and the options and/or alternatives and other relevant factors (e.g. financial and legal considerations) set out in the County Treasurer's Report and/or referred to above having been considered:

It was MOVED by Councillor Hart, SECONDED by Councillor McInnes, and

RESOLVED that the Annual Treasury Management Stewardship Report be endorsed and welcomed.