Issue - meetings
Treasury Management Report - Quarter One 2019/20
Meeting: 10/10/2019 - Policy and Resources Scrutiny Committee (Item 408)
408 Treasury Management - Quarter One 2019/20 PDF 131 KB
Minute 335 (Cabinet Book 3, Agenda Item No. 26 refers)
Called in by Councillors Cox and Davidson
Additional documents:
- Appendix 1 - Treasury Managment, item 408 PDF 148 KB
- Appendix 2 - Treasury Management, item 408 PDF 236 KB
Minutes:
The Committee considered Minute 335 of Cabinet held on 17th September, 2019, which had been called in to Scrutiny, together with a report of the Executive Director (Finance and Resources) covering the treasury management activity for the period from April to June 2019.
Resolved:-
That the following recommendations of Cabinet be noted:-
“1. That it be noted that the treasury management activities were carried out in accordance with the CIPFA (The Chartered Institute of Public Finance and Accountancy) Code of Practice for Treasury Management in the Public Sector during the period from April to June 2019.
2. That it be noted that the loan and investment portfolios were actively managed to minimise cost and maximise interest earned, whilst maintaining a low level of risk.
3. That it be noted that £0.492m of interest was received during this three month period. The total investment income earned including this interest during this three month period was £0.490m, at an average rate of 1.88%. This is 1.31% over the average 7 day LIBID (London Interbank Bid Rate) and 1.13% over the average bank rate.
4. That it be noted that the level of borrowing from the Public Works Loan Board (PWLB) (excluding debt relating to services transferred from Essex County Council on 1st April 1998) increased from £267.8m to £277.8m (HRA: £77.0m, GF: £200.8m) during the period from April to June 2019.
5. That it be noted that during the quarter the level of financing for ‘invest to save’ schemes decreased from £8.73m to £8.70m.”
Note: This is a Council Function
Cabinet Member: Cllr Woodley
Meeting: 17/09/2019 - Cabinet (Item 335)
335 Treasury Management - Quarter One 2019/20 PDF 131 KB
Report of Executive Director (Finance and Resources)
Additional documents:
- 26 - Appendix 1 - Treasury Managment, item 335 PDF 148 KB
- 26 - Appendix 2 - Treasury Management, item 335 PDF 236 KB
Decision:
The Cabinet considered a report of the Executive Director (Finance and Resources) covering the treasury management activity for the period from April to June 2019.
Recommended:-
1. That it be noted that the treasury management activities were carried out in accordance with the CIPFA (The Chartered Institute of Public Finance and Accountancy) Code of Practice for Treasury Management in the Public Sector during the period from April to June 2019.
2. That it be noted that the loan and investment portfolios were actively managed to minimise cost and maximise interest earned, whilst maintaining a low level of risk.
3. That it be noted that £0.492m of interest was received during this three month period. The total investment income earned including this interest during this three month period was £0.490m, at an average rate of 1.88%. This is 1.31% over the average 7 day LIBID (London Interbank Bid Rate) and 1.13% over the average bank rate.
4. That it be noted that the level of borrowing from the Public Works Loan Board (PWLB) (excluding debt relating to services transferred from Essex County Council on 1st April 1998) increased from £267.8m to £277.8m (HRA: £77.0m, GF: £200.8m) during the period from April to June 2019.
5. That it be noted that during the quarter the level of financing for ‘invest to save’ schemes decreased from £8.73m to £8.70m.
Reasons for Decision
The CIPFA Code of Practice on Treasury Management recommends that Local Authorities should submit reports regularly. The Treasury Management Policy Statement for 2019/20 sets out that reports would be submitted to Cabinet quarterly on the activities of the treasury management operation.
Other Options
There are many options available for the operation of the Treasury Management function, with varying degrees of risk associated with them. The Treasury Management Policy aims to effectively control risk to within a prudent level, whilst providing optimum performance consistent with that level of risk.
Note: This is a Council Function
Eligible for call-in to: Policy and Resources Scrutiny Committee
Cabinet Member: Cllr Woodley
Minutes:
The Cabinet considered a report of the Executive Director (Finance and Resources) covering the treasury management activity for the period from April to June 2019.
Recommended:-
1. That it be noted that the treasury management activities were carried out in accordance with the CIPFA (The Chartered Institute of Public Finance and Accountancy) Code of Practice for Treasury Management in the Public Sector during the period from April to June 2019.
2. That it be noted that the loan and investment portfolios were actively managed to minimise cost and maximise interest earned, whilst maintaining a low level of risk.
3. That it be noted that £0.492m of interest was received during this three month period. The total investment income earned including this interest during this three month period was £0.490m, at an average rate of 1.88%. This is 1.31% over the average 7 day LIBID (London Interbank Bid Rate) and 1.13% over the average bank rate.
4. That it be noted that the level of borrowing from the Public Works Loan Board (PWLB) (excluding debt relating to services transferred from Essex County Council on 1st April 1998) increased from £267.8m to £277.8m (HRA: £77.0m, GF: £200.8m) during the period from April to June 2019.
5. That it be noted that during the quarter the level of financing for ‘invest to save’ schemes decreased from £8.73m to £8.70m.
Reasons for Decision
The CIPFA Code of Practice on Treasury Management recommends that Local Authorities should submit reports regularly. The Treasury Management Policy Statement for 2019/20 sets out that reports would be submitted to Cabinet quarterly on the activities of the treasury management operation.
Other Options
There are many options available for the operation of the Treasury Management function, with varying degrees of risk associated with them. The Treasury Management Policy aims to effectively control risk to within a prudent level, whilst providing optimum performance consistent with that level of risk.
Note: This is a Council Function
Called in to: Policy and Resources Scrutiny Committee
Cabinet Member: Cllr Woodley