Issue - meetings

[To consider an update on the treasury management activity for the second quarter of 2018-2019 as part of the mid-year review.]

1.    That it be noted, that a mid-year review of the Treasury Management Strategy Statement had been undertaken and the Council had operated within the limits and requirements approved in March 2018.

2.    That it be noted, a revenue net overspend of £2.2 million for the General Fund and an underspend of £12,000 for the Housing Revenue Account (HRA) were forecast from treasury management activities in 2018-2019.

3.    That it noted, the detailed guidance notes for the Code of Practice on Treasury Management and the Prudential Code had recently been published by CIPFA and were under review by the Director of Finance. Therefore, the Treasury Management Statements for 2018-2019 were still based on the Council’s interpretation of these Codes.

4.    That it noted, the updated position on the revised guidance on Local Government Investments and Minimum Revenue Provision as detailed in paragraphs 2.6 and 2.7 of the Cabinet report, 21 November 2018.

5.    That it be noted, the position regarding the Money Market Fund reform which was effective from 21 January 2019 and would require an update to the Annual Investment Strategy for 2018-2019 as detailed in paragraph 5.11 of the Cabinet report, 21 November 2018.

Councillor Louise Miles presented the Treasury Management Activity Monitoring - Mid Year Review 2018-2019 report for approval. She confirmed that all activity had taken place in accordance with the code of practice that governed this area and that new national provisions were due to come into place. The situation was being monitored closely and an update would be provided at a future Council meeting.

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

Resolved:

1.     That it be noted, that a mid-year review of the Treasury Management Strategy Statement had been undertaken and the Council had operated within the limits and requirements approved in March 2018.

2.     That it be noted, a revenue net overspend of £2.2 million for the General Fund and an underspend of £12,000 for the Housing Revenue Account (HRA) were forecast from treasury management activities in 2018-2019.

3.     That it noted, the detailed guidance notes for the Code of Practice on Treasury Management and the Prudential Code had recently been published by CIPFA and were under review by the Director of Finance. Therefore, the Treasury Management Statements for 2018-2019 were still based on the Council’s interpretation of these Codes.

4.     That it noted, the updated position on the revised guidance on Local Government Investments and Minimum Revenue Provision as detailed in paragraphs 2.6 and 2.7 of the Cabinet report, 21 November 2018.

5.     That it be noted, the position regarding the Money Market Fund reform which was effective from 21 January 2019 and would require an update to the Annual Investment Strategy for 2018-2019 as detailed in paragraph 5.11 of the Cabinet report, 21 November 2018.