Issue - meetings

Council is recommended to note:

1. The Council operated within the approved Prudential and Treasury Management Indicators, and also within the requirements set out in the Council’s approved Treasury Management Policy Statement during 2017-2018.

2. Revenue underspends of £1.6 million for the General Fund and £731,000 for the Housing Revenue Account were generated from treasury management activities in 2017-2018.

3. A revenue underspend of £1.2 million for the General Fund and an overspend of £263,000 for the Housing Revenue Account are forecast from treasury management activities in 2018-2019, subject to the impact of the Minimum Revenue Provision (MRP) review.

4. That the detailed guidance notes for the new Code of Practice on Treasury Management and the Prudential Code are still to be published by CIPFA and therefore the Treasury Management Statements for 2018-2019 are still based on the Council’s interpretation of these Codes.

5. The revised guidance on Local Government Investments and Minimum Revenue Provision is under review by the Director of Finance and updates will be provided to Councillors in due course.

Cabinet noted:

1.     The financial information included in this report is based on the ‘Capital budget outturn 2017-2018 including quarter one capital budget monitoring 2018-2019’ report also on the agenda for this meeting. The capital report is subject to a report being separately approved by Cabinet also at this meeting. Therefore, if this approval is not obtained, a revised version of this report will be presented to Council on 18 July 2018.

2. That it is proposed that a total of £900,000 of the treasury underspend in 2017-2018 will be transferred into the Treasury Management Equalisation Reserve, this is subject to approval by Cabinet in the Reserves, Provisions and Balances 2017-2018 report which is also being considered at this meeting (paragraph 3.5).

Councillor Louise Miles presented the Treasury Management – Annual Report 2017-2018 and Activity Monitoring Quarter One 2018-2019 for approval and recommendation to Full Council. The report set out the results of treasury management activities carried out in 2017-2018, together with performance against the Prudential Indicators previously approved by

Council. Monitoring and progress on treasury management activity for the first quarter of 2018-2019 was also detailed, in line with the Prudential Indicators approved by Council in March 2018.

Resolved that the Cabinet recommends that Council notes:

1. The Council operated within the approved Prudential and Treasury Management Indicators, and also within the requirements set out in the Council’s approved Treasury Management Policy Statement during 2017-2018.

2. Revenue underspends of £1.6 million for the General Fund and £731,000 for the Housing Revenue Account were generated from treasury management activities in 2017-2018.

3. A revenue underspend of £1.2 million for the General Fund and an overspend of £263,000 for the Housing Revenue Account were forecast from treasury management activities in 2018-2019, subject to the impact of the Minimum Revenue Provision (MRP) review.

4. That the detailed guidance notes for the new Code of Practice on Treasury Management and the Prudential Code were still to be published by CIPFA and therefore the Treasury Management Statements for 2018-2019 were still based on the Council’s interpretation of these Codes.

5. The revised guidance on Local Government Investments and Minimum Revenue Provision was under review by the Director of Finance and updates would be provided to Councillors in due course.

Cabinet Resolved:

1.    That it be noted, that the financial information included in this report was based on the ‘Capital budget outturn 2017-2018 including quarter one capital budget monitoring 2018-2019’ report also on the agenda for this meeting. The capital report was subject to a report being separately approved by Cabinet also at this meeting. Therefore, if this approval was not obtained, a revised version of this report would be presented to Council on 18 July 2018.

2. That it be noted, that it was proposed that a total of £900,000 of the treasury underspend in 2017-2018 would be transferred into the Treasury Management Equalisation Reserve, this was subject to approval by Cabinet in the Reserves, Provisions and Balances 2017-2018 report which was also being considered at this meeting (paragraph 3.5).