Issue - meetings

Cabinet, at its meeting on 31 January 2019, considered a monitoring report on the treasury management activities for the first six months of 2018/19 and an update on the current economic conditions with a view to the remainder of the year. 

The Joint Audit and Governance Committee had considered the report at its meeting on 28 January 2019 and had not recommended any adjustments to the strategy as a result of the first six months’ activities.  Likewise, Cabinet concluded that the treasury management activities had operated within the agreed parameters set out in the approved treasury management strategy. 

The report of the head of finance, which Cabinet considered on 31 January 2019, is attached.

RECOMMENDATION to Council: to approve the head of finance’s 2018/19 treasury management mid-year monitoring report to Cabinet on 31 January 2019. 

Council considered Cabinet’s recommendations, made at its meeting on 31 January 2019, on the treasury management activities for the first six months of 2018/19.

The Joint Audit and Governance Committee had considered the report at its meeting on 28 January 2019 and had not recommended any adjustments to the strategy as a result of the first six months’ activities.  That committee and Cabinet had concluded that the treasury management activities had operated within the agreed parameters set out in the approved treasury management strategy.

The Cabinet member advised that following a request from the Joint Audit and Governance Committee there is an amendment to the table at paragraph 10 on page 21 of the report. An updated table was circulated at the meeting which showed that forecast investment interest for the year is likely to come in under budget primarily as a result of interest rates rises being slower than predicted.

RESOLVED: to approve the head of finance’s treasury management mid-year monitoring report 2018/19 to Cabinet on 31 January 2019 subject to the amended table attached to these minutes. 

To consider the head of finance’s report. 

Cabinet considered the head of finance’s mid-year monitoring report of the treasury management service in 2018/19.  This covered the period from 1 April to 30 September 2018. 

Cabinet noted that the investment income received was below the budget target due to lower than expected interest rates during the period.  The Joint Audit and Governance Committee had also considered the report and was satisfied that the treasury management activities had been carried out in accordance with the treasury management strategy and policy.  Cabinet concurred. 

RECOMMENDED: to Council to approve the head of finance’s 2018/19 treasury management mid-year monitoring report to Cabinet on 31 January 2019.