Issue - meetings

Sarah Hassell, Finance Manager, to present report

Claire Nye, Director of Finance, introduced the report and gave an overview of the key areas for panel members to consider about the financial activity taken during Quarter 2 of 2018-19. The panel were invited to comment on the report.

The panel queried whether the Council could achieve a better interest rate return on surplus balances than the figure quoted in the report. The Director of Finance explained the Council follows best practice and works with financial advisers to maximise the return on investments and surplus balances. The Director of Finance added that there is also a need to consider the risks when transferring funds. The Director of Finance referred to Appendix 6 which detailed the list of investment holdings among a range of financial institutions. The Director of Finance advised the panel that consideration will be given to long-term options for increasing return, while at the same time an assessment will be made about the level of risk.

Resolved:

            The panel agreed to note the findings of the treasury management activity monitoring report that had been reported to Cabinet on 21 November 2019.