Issue - meetings

The Cabinet considered a report of the Director of Corporate Resources regarding the action taken and the performance achieved in respect of the treasury management activities of the Council in 2016/17.  A copy of the report, marked ‘5’, is filed with these minutes. 

Mr. Rhodes CC said that despite low interest rates the Council’s investments had performed well.  However, such rates had had a detrimental effect on the level of external debt held by the Authority, which had increased and was likely to continue to do so.  He said this was disappointing, although unavoidable in the short term, and the position would be monitored with a view to repaying this debt when it became due.

Mr. Rushton CC thanked officers for their hard work in ensuring that the Council’s loan portfolio outperformed expectations during a period of low interest rates, which was difficult.

RESOLVED:

That the report be noted.

REASON FOR DECISION:

The Authority’s full adoption of the CIPFA Code of Practice for treasury management requires an annual performance report for 2016/17 to be considered by both the Cabinet and the Corporate Governance Committee before the end of September 2017.