Issue - meetings

The Committee received the following reports which

·       summarised treasury management performance during 2016/17;

·       set out the performance of the Council’s investments and borrowing for the first six months of the year; and

·       demonstrated compliance with the Prudential Indicators.

Although treasury income returns had decreased slightly in 2016/17, this had been against a backdrop of a continuing low interest rate environment nationally coupled with the redemption of investments to repay borrowing.

As at 30 September 2017, the Council held £111.4m of borrowing, (a decrease of £7.6m on 31/3/2017), which had been used to fund the previous years’ capital programmes.

The Council held invested funds, representing income received in advance of expenditure plus balances and reserves.  During the first half of 2017/18 the Council’s investment balance had ranged between £6m and £11 million due to timing differences between income and expenditure.

It was noted that all of the Council’s money held in Iceland Banks had now been returned and that the Council had received slightly more than the £4m originally deposited.  The Committee congratulated the Finance Team on achieving this successful outcome.

The Executive Head of Finance agreed to respond by email relating to a question from Cllr Robin Perry relating to a breakdown of the percentage returns on investments.

          Resolved to note the report.