Agenda item

Report of Managing Director

The Managing Director submitted a report (previously circulated) providing Members with information regarding the regulation and management of the Council’s borrowing, investments and cash-flow and seeking approval of the Prudential Indicators for 2017/18 in accordance with the Prudential Code.

It was reported that the financial year 2017/18 presented similar circumstances to 2016/17 with regard to treasury management and the main implications of this for the Council were included in the submitted report.

The submitted report summarised the capital expenditure and financing for 2017/18; the Council’s underlying borrowing need; the Treasury position as at 31^st March, 2018; prudential indicators and compliance issues; the economic background for 2017/18; treasury management activity during 2017/18; and performance and risk benchmarking.

It was also reported that the Council’s treasury management activity during 2017/18 had been carried out in accordance with Council policy and legal limits, financing costs had been reduced during the year and a saving of £0.600 million had been achieved from the original Medium-Term Financial Plan due to the inclusion and purchase of property fund units in the investment portfolio, with the interest received reduced due to additional interest payments on debt and additional brokerage fees.

RESOLVED – (a)  That the outturn 2017/18 Prudential Indicators within the submitted report and those in Appendix 1 be noted.

(b)  That the Treasury Management Annual Report for 2017/18 be noted.

(c)  That the submitted report be forwarded to Cabinet and Council in order for the 2017/18 Prudential Indicators to be noted.

(d)  That the thanks and best wishes of this Committee be extended to the Finance Manager Treasury/Insurance.