Issue - meetings

[To approve matters relating to the year-end position with regards to treasury management arrangements.]

1. That it be noted, 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. That it be noted, 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. That it be noted, there was 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 it be noted, 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. That it be noted, 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.

Councillor Louise Miles presented the report on Treasury Management – Annual Report 2017-2018 and Activity Monitoring Quarter One 2018-2019 for approval. 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.

Councillor Louise Miles proposed the recommendations and Councillor Peter Bilson seconded the recommendations.

The report was debated by Council.

Resolved:

1. That it be noted, 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. That it be noted, 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. That it be noted, there was 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 it be noted, 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. That it be noted, 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.