Issue - meetings

Members received a report on the Treasury Management Service Performance for 2014/15 as at the 30 September 2015 and compliance with the Prudential Indicators for 2015/16.

It was noted that there had been more borrowing this year to purchase property in order to increase income. The increased income would pay for the interest on the borrowing. Members requested information on the value of the properties which the Council owned.  This would be emailed to Members.  It was noted that the draft accounts were published on the Council website.

There was some concern regarding the funds with the Icelandic Banks and the following was discussed:

·        All investments with the Icelandic Banks had been repaid but some was trapped by currency controls.  The Council would have to wait for these to be lifted before access could be made to the funds;

·        The funds however, were earning interest whilst held until the currency controls were lifted;

·        There were 50 other Local Authorities in the same situation;

·        The Local Government Association was investigating how to convert the interest; currently the interest was being added to the balance.

Resolved that:

i)         the report be noted; and

ii)       details of the value of property owned by the Council be emailed to Members.