1. That the Mid-Year Treasury Management Report for 2016/17, be approved.

2. That the revisions to the Treasury Management Policy for 2016/17, as set out in Section 13 and in Appendix 3 to the submitted report, be approved.

3. That it be noted that 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 September 2016.

4. 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.

5. That it be noted that an average of £49.9m of investments were managed in-house. These earned £0.15m of interest during this six month period at an average rate of 0.62%. This is 0.34% over the average 7 day LIBID (London Interbank Bid Rate) and 0.20% over the average bank base rate.

6. That it be noted that an average of £19.7m of investments were managed by our former external fund manager. These earned £0.14m of interest during this six month period at an average rate of 1.37%. This is 1.09% over the average 7 day LIBID and 0.95% over the average bank base rate.

7. That it be noted that during September 2016 £22.7m was recalled from the Council’s former external fund manager and £15m was invested equally across two short dated bond funds and £5m was invested into an enhanced cash fund.

8. That it be noted that an average of £14.5m was managed by two property fund managers. This reduced in value by £79k during this six month period from a combination of a decrease in the value of the units partially offset by income distribution, giving a combined return of -1.09%.

9. 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) remained at the same level of £227.8m (Housing Revenue Account (HRA): £77.0m, General Fund: £150.8m) during the period from April to September 2016.

10. That it be noted that the level of financing for ‘invest to save’ schemes increased from £3.21m to £5.94m during the period from April to September 2016.