Report of the County Treasurer (CT/17/62) considered and approved by the Corporate, Infrastructure and Regulatory Scrutiny Committee held on 26 June 2017, attached.
(Councillor Hannaford attended in accordance with Standing Order 25(2) and spoke to this item).
The Cabinet considered the Report of the County Treasurer (CT/17/62) 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 27June 2017.
The Annual Report reviewed performance over the 2016/17 financial year with a view to identifying any issues arising from the Council's Treasury and Debt Management during that period and to provide assurance that agreed policy had been implemented.
The Report revealed that:
· no long term borrowing had been undertaken during 2016/17 and only three short term loans had been taken out each for a 30 day period to preclude any temporary shortfall in cash;
· investment income targets had been achieved and prudent management of the Council’s short term cash reserves had also delivered a surplus;
· all lending had been carried out in accordance with the Council’s Treasury Management Strategy and
· there had been no opportunity to repay any outstanding debt without incurring premium penalties
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 Clatworthy, SECONDED by Councillor Hart, and
RESOLVED that the Annual Treasury Management Stewardship Report be noted and welcomed.