Issue - meetings

Report by Executive Director, Alistair Cunningham.

Cllr Philip Whitehead, Cabinet Member for Finance, Procurement, ICT and Operational Assets presented the report which provided the Annual Outturn Report reviewing the Treasury Management activities from 1 April 2018 to 31 March 2019.

Cllr Whitehead explained that the Council has continued to finance capital expenditure through maximising the use of capital receipts, capital grants and internal borrowing. In order to take advantage of borrowing rates that are considered to be good value and to reduce the refinancing risk associated with existing external borrowing the Council has taken out £30m of external borrowing in order to improve the ability to manage the level at which it is internally borrowed. Overall, the Council is under borrowed by £136.104m, avoiding external interest costs of £3.226m.

Cllr Thorn, Chairman of the Financial Planning Task Group welcomed the report and referred to the overachievement against budget of £0.441m forecast for investment income for the year to date.

Resolved:  To note that the contents of the report are in line with the Treasury Management Strategy 2018/2019.

Reason for Decision:

To give members an opportunity to consider the performance of the Council against the parameters set out in the approved Treasury Management Strategy for 2018/2019.